The end of summer is always a bit bittersweet, but there’s so much to look forward to in the fall, including a celebration of everything garlic, near Casa Loma, at the end of the month (and yes, it includes a vampire costume contest).
There’s been some news in the real estate market this month:
The Bank of Canada reduced the key interest rate by another 25 points to 4.25%. BoC Governor Tiff Macklem said that “if inflation continues to ease broadly in line with our July forecast, it is reasonable to expect further cuts in our policy rate,” which bodes well for those renewing a mortgage.
As well, as of December 15th, the government is making it easier for first-time buyers with two initiatives. How might first-time buyers benefit from Canada’s new mortgage policies? The first is that they will now qualify for 30 year amortizations, resulting in lower mortgage payments. Secondly, first-time buyers can now get an insured mortgage for a property up to $1.5M, which means they can buy a property with less than 20% down.
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