The Grime Team - Royal LePage RCR Realty, Brokerage

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Blog Entry

Bank of Canada holds interest rate at 5%

April 17, 2024 @ 12:00 AM

Here we are again, and we have had the Bank of Canada hold the interest rates at 5%.

Now, many speculators, as well as economists, think that we might see a decline in interest rates this summer.

Inflation rates are still down below 3%...for now. In the real estate market, we have seen prices come to healthy levels, and panic buying is a thing of the past. They say it takes about two years for the economy to see the effects of higher interest rates, which is where we are in 2024. Following statistics and sales, data is key to seeing trends and determining where the market is heading. And I can say that it looks like we’re back into regular market cycles after the pandemic threw everything askew. The spring market is busy, and closings are looking like early summer after the school season. I’m predicting a busy fall market after the kids return to school, with closings before Christmas.

Contact our team anytime for stats on what’s happening as we live and breathe the real estate market.

All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind. Not intended to solicit properties currently listed for sale. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.