Thursday, 25 July 2024
By Mortgage Outlet
Leah Zlatkin quoted by BNN Bloomberg: “How will the Bank of Canada rate cut impact the real estate market?”
Leah Zlatkin, a licensed mortgage broker and Mortgage Outlet COO said in a statement that the latest move by the Bank of Canada is “not likely” to “move the housing market in a significant way.”
“We’ve seen a 50-basis point drop since June, but rates are still comparatively high and many potential buyers are waiting for further rate decreases to increase their buying power before they make a move,” she said.
However, Zlatkin added that once borrowing costs are brought down to levels that most buyers are comfortable with, the housing market will “heat up quickly,” with prices moving higher. As a result, she said potential buyers should “consider buying now” if they can afford the higher rates for a short period to enter the market while prices are lower.
