Your Dose of Real Estate for July
Tom Van Horne • July 25, 2024
Today’s Interest Rates
From March 2022 to July 2023, Canadians experienced a total of 4.75% in interest rate hikes from the Bank of Canada, equivalent to 19 consecutive 0.25% increases over just 16 months. Now, we can celebrate the second 0.25% rate decrease in as many months. Variable rate mortgage holders will see either lower payments or reduced amortization periods, providing welcome interest rate relief.
Bank of Canada Interest Rate Announcement Schedule
Wednesday, January 24, 2024*
Wednesday, March 6, 2024
Wednesday, April 10, 2024*
Wednesday, June 5, 2024
Wednesday, July 24, 2024*
Wednesday, September 4, 2024
Wednesday, October 23, 2024*
Wednesday, December 11, 2024
* Monetary Policy Report published
Guelph Market Update
Sales activity may have declined from last June but saw a surprisingly strong surge compared to recent months. This could be due to buyers capitalizing on great deals or interpreting the Bank of Canada’s rate cut as a signal that rates are stabilizing. Regardless, our inventories remain above average, offering prospective buyers a level of choice not seen in several years.
If you have any questions or need further information, please don't hesitate to contact me.
Our Mortgage Rates
