Today, the Bank of Canada has announced its fifth consecutive policy rate drop to 3.25%.
Condo buyers, who have remained on the sidelines for all of 2024, should take great comfort from this announcement, as it signals the time to buy. Prices will ultimately increase as the cycle of sales starts again. Unfortunately, many current buyers still lack the confidence to act given the turmoil, challenges, and uncertainty of the past year.
Because of what we call “heard mentality”, it typically takes 1.5 weeks for the buyer market to react to rate announcements. This news bodes very well for Palace Place going forward, and it demonstrates that the time to buy is now as prices should increase as activity increases.
Canadians need change, and it needs to start at the top. Trudeau needs to go. Canadians can literally smell the freedom and change coming to the USA and desperately need the same hope.
Best rates that we have seen so far:
5 year fixed at 4.29%
The next scheduled date for announcing the overnight rate target is January 29, 2025.
E: LDALINDA@DALINDA.NET • TEL: 416-725-7170
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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View all current and past Palace Place listings for sale here.
Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.
View all current and past Palace Place listings for sale here.