'Some borrowers are going to see more money in their pocket, and some are going to see a little bit of a boost in the equity they're building up.'
spoke to three mortgage expert s about what this could mean for mortgage rates , payments, and the housing market.The BoC’s benchmark interest rate sits at 4.5 per cent following two 25-basis-point cuts. This is the rate at which banks can borrow money amongst themselves.
“So, the TD mortgage prime will probably be 6.85 per cent effective on Wednesday,” Tran said in an interview withAnyone with a variable mortgage will see a lower interest rate if the BoC makes a cut on Wednesday, Graham says, but not everyone will be impacted the same way. Additionally, since Canada’s five-year government bond yield generally follows the U.S. treasury 10-year yield, the U.S. economy has a “bigger impact” on fixed rates than BoC rate decisions, says Leah Zlatkin, a Toronto-based mortgage broker and LowestRates.ca expert.
A “flood of listings” appeared following last month’s rate cut, Zlatkin adds, yet sales remain slow. She suspects a lot of buyers are waiting on the sidelines for further cuts, but cautions that home prices are likely to rise as rates fall.“But there’s a possibility that there’s going to be a bit of a landslide come September, when all of a sudden rates start going down and people start jumping into the market.
Altera Infrastructure’s FPSO Petrojarl Kong and FSO Yamoussoukro are ready to leave for Côte d'Ivoire for phase 2 of Eni’s Baleine development project By aligning business practices with national strategies and Vermont’s Act 148 Universal Recycling Law for reducing organic waste, American Meadows and High Country Gardens illustrate how organizations can contribute to a circular economy and a healthier planet. These purpose driven brands are taking another step forward in sustainable gardening by donating over 15,000 unsold plants to community organizations.
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