Interest Rate Cuts Bring Confidence and Opportunity for Homebuyers
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Madison and Graham Fisk, a couple from Keswick, Ont., are feeling more confident about their mortgage after the latest Bank of Canada interest rate cut. They say declining rates make their dream of a larger home for their family more financially attainable. Despite preferring a fixed-rate mortgage, they are considering a variable rate due to further cuts expected by the Bank of Canada.
The recent interest rate reduction brings the rate to 3.25%, down from 5% a year ago. Homebuyers are hopeful that more cuts could help boost affordability. With the housing market showing signs of recovery, the Fisks are optimistic about their new home purchase, which they say is now more manageable financially.
In Milton, Ont., Hazem Madarati, who also opted for a variable mortgage, sees the rate cuts as an opportunity to catch up on finances and save for future plans. While housing inventory remains low in the Greater Toronto Area, sales have surged, with home sales up 40% from November 2023, although demand still outpaces supply.
Read the full article on: CBC