Homeowners with a variable rate mortgage in Ottawa can expect to see some savings thanks to a significant rate cut by the Bank of Canada.
The Bank of Canada will release its interest rate decision and monetary policy report on Wednesday. Bank of Canada signage is shown in Ottawa on Monday, Oct. 21, 2024. The Bank of Canada has slashed its key lending rate for a fourth consecutive time, dropping the rate by 50 basis points from 4.25 per cent to 3.75 per cent.
"I started off with a mortgage a couple years ago and I thought for the first time, 'I'll do a variable rate' and shortly thereafter, interest rates started to creep up," said Hanson. Christine Hanson has a variable rate mortgage and says the Bank of Canada's rate cut on Oct. 23, 2024 will save her some money. "We do think we're going to see 25 basis points moves until we get the Bank of Canada's policy rate to 2.75 per cent," said Dawn Desjardins, Chief Economist at Deloitte Canada.
"So, it really hasn't helped. The last few cuts haven't really sparked the first-time home buyers to jump into the market in big numbers." According to data from the Ottawa Real Estate Board and the Canadian Real Estate Association, homes of all kinds in Ottawa sold for an average price of $685,551 in September 2024 – a rise of just 1.5 per cent compared to a year prior."Inventory is creeping up. Each month, for the last number of months, we've seen inventory increase so I think we're going to maintain that for the balance of the year," said Meyer.
Turkiye’s air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.Air Transat says it is laying off as many as 400 flight attendants, but plans to bring them back to work at some point.The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop.
Quebec's Court of Appeal has upheld a landmark 2022 decision that found a law permitting random traffic stops by police led to racial profiling.A Sudbury jury has found Felicity Altiman guilty of second-degree murder in the December 2020 stabbing death of a Sudbury man.It only took minutes for North Bay pharmacist Brian Chute to be out $1,500 after fraudsters deceptively swapped his bank card with another.
Things could be looking up for Waterloo, Ont.-based company and former tech darling Sandvine, after being removed from the U.S. Department of Commerce Entity List earlier this week.Town bylaw requests Innisfil family move Halloween display but homeowner refuses
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