Wednesday, 23 October 2024
By Leahs Mortgages
Leah Zlatkin quoted in BNN Bloomberg: “What does the Bank of Canada’s rate cut mean for real estate?”
Leah Zlatkin, licensed mortgage broker and COO of Mortgage Outlet, said in a statement to BNNBloomberg.ca Wednesday that the recent rate cut could bring buyers off the sidelines.
“The combination of a 50-basis point rate reduction and the impending mortgage rule changes in December creates an opportune moment for buyers to make their move. With an abundance of properties available, the current market conditions are exceptionally favourable for potential homebuyers,” she said.
According to Zlatkin, buyers waiting for further rate cuts may be entering a hotter housing market.
“Once rates decrease to a point that the majority of buyers are comfortable with, the housing market will heat up quickly and prices will rise at the same time. Potential buyers should consider buying now if they can and take a higher rate for a shorter-term length to get into the market,” she said.
