Today, the Bank of Canada has announced its third consecutive policy rate drop to 4.25%.
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.
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.
Best rates that we have seen so far:
5 year fixed at 4.44%
The next scheduled date for announcing the overnight rate target is October 23, 2024.
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.