Canada's central bank raised its benchmark interest rate Wednesday by a full percentage point to 2.5 per cent. That's the biggest one-time increase in the bank's rate since 1998.
The bank's rate impacts the rate that Canadians get from their lenders on things like mortgages and lines of credit. Two of Canada's big banks have already moved their benchmark rates in response, with Royal Bank and TD raising their prime lending rates from 3.7 per cent to 4.7 per cent as of Thursday morning.
Increasing interest rates will sharply increase cost of borrowing in an attempt to rein in runaway inflation. Therefore it could affect buyer’s affordability and we will be seeing slower Real Estate market in the future.
🏡This could be considered as a great opportunity for buyers who are qualified and ready to buy. More inventories are coming to the market and sellers will be more motivated to sell their property if they really need to.
Make sure you get advantage of this cycle before it’s too late.
💰Sellers if they really need to sell their property they have to be more realistic and price their property reasonably. Moreover they should do some upgrades in their property to make sure their property stands out between other comparables.
Either you are a buyer or a seller all could happen by consulting a knowledge Realtor who gives you the best strategies and always keep your benefit in his priority.💢
Contact me today for all your Real Estate needs.
MEHRAN SALARI 📲(604)3 40 40 40