The month of November started off with the Bank of Canada reinforcing its commitment to keep the overnight rate at 0.25% to support economic recovery from the pandemic. We also continued to see signs of a booming Canadian real estate market, but at a slower pace than seasonally expected. Check out the latest in monthly mortgage news and learn how to effectively navigate this low rate environment.
At the end of October, the Bank of Canada reinforced its commitment to keep the overnight rate at 0.25% to support economic recovery resulting from the pandemic, and is likely to keep it there until 2023.
According to the Canadian Real Estate Association, real estate in Canada is still booming but slowing a little faster than seasonally expected, with data showing a small decline in home sales during the month of October.
Our CEO & Co-Founder Jesse Abrams explains why interest rates have hit record lows and how home buyers can properly navigate this environment to find the best mortgage option.