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

Are you ready to learn the key trends that will help you better serve Baby Boomers? Join us at the Realtor Need 2 Know Workshop: Boomer Economics and gain valuable insights on how to cater to this important demographic.

📅 Date: October 25, 2024

🕙 Time: 10 AM - 12 PM

📍 Location: 106 4180 Lougheed Hwy, Commerce Court

🎓 Earn 2 FREE PDP Credits!

👨‍🏫 Workshop Topics Include:

1. Understanding Baby Boomer trends

2. Income Planning for Boomers

3. Downsizing Options and More

4. Real Estate Investment Options

5. Boomer Mortgage Strategies

6. Estate Planning and Legacy

This is a must-attend workshop for realtors who want to stay ahead of the curve in serving an aging population. Best of all—it’s FREE and includes PDP credit hours!

👉 RSVP Now and secure your spot. Don’t miss out on this opportunity to sharpen your skills and grow your business!   https://forms.gle/Xgh9mgAaxGirYSRk7