RSS

📉 Interest Rate Update! Greater Vancouver

📉 Interest Rate Update! Greater Vancouver

This morning, the Bank of Canada lowered its key interest rate by 0.50%, bringing the prime rate down to 5.95% from 6.45%. For those with a variable-rate mortgage, this means a savings of about $30.68 per month for every $100,000 of mortgage. 💰

🔎 What’s happening globally?

• The global economy is expected to grow at about 3% over the next two years.

• In the U.S., consumer spending is driving stronger-than-expected growth.

• On the flip side, China’s outlook remains weak, which could impact global trade and investments.

📊 Closer to home in Canada:

• GDP growth is slowing down, with an expected rate of 1.75% for the second half of the year.

• Unemployment is on the rise, reaching 6.5% in September.

• Inflation has cooled, dropping from 2.7% in June to 1.6% in September, thanks to lower oil and gas prices.

💡 The Bank of Canada’s goal is to keep inflation steady around 2%. Their next update is on December 11, 2024.

Have questions about how this impacts you? Let’s chat! Reach out anytime. 😊 #InterestRates #MortgageSavings #CanadaEconomy #InflationUpdate #RealEstate

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.