The Bank of Canada announces first rate cut since July 2023.

This morning it was announced that the BoC would be cutting its overnight interest rate to 4.75%, down from 5%, the level it has maintained since July 2023.

Many of us speculated that the rate would hold until at least July, so this is some surprising good news for home owners.

For many first-time homebuyers or anyone who is looking to renew their existing mortgage, this is a welcome relief to the higher interest rates we have been experiencing these past few years.

If you have questions about what this rate cut means for your variable mortgage, or have questions about how this rate cut will affect your ability to buy your first home this summer, let's chat!

We're keeping our fingers crossed that this could be the start of a trend of lower interest rates coming later in 2024!

#BoC #mortgagerates #mortgages #interestpolicy