✅ Canada's inflation cools down to 2% 🇨🇦
Sep 19, 2024 10:30 am
Since my wife and youngest daughter are in the Philippines. I had the opportunity to bond with my 2 other kids Sofia & Hanz. I brought them to house showings and last weekend they came with me to my open house. They get to see me work and they now understand what kind of job I do. We talked about a lot of things - arts, hobbies, school activities, friends, Pokemon cards and Roblox. Then we got to share some Cinnabon after the open house. :)
REAL ESTATE MARKET UPDATE:
As of September 2024, the inflation rate in Canada has continued its gradual decline, with the Consumer Price Index (CPI) reaching 2.0% in August. This marks a notable improvement from previous months, as the Bank of Canada’s efforts to control inflation through interest rate hikes appear to be paying off. Core inflation, which strips out more volatile items, also shows progress, hovering around 2.3% to 2.4%. For regular consumers, this lower inflation means a potential easing of price pressures on everyday goods, though elevated food and shelter costs remain persistent challenges. Lower inflation has also led to expectations that the Bank of Canada may continue to ease its monetary policy in the coming months.
For the housing market in the Greater Toronto Area (GTA), the declining inflation rate has a direct impact on mortgage interest rates. With inflation cooling, the Bank of Canada is expected to make further rate cuts, which could lower mortgage rates for prospective homebuyers. However, while lower mortgage rates typically stimulate housing demand, house prices in the GTA remain high, partly driven by tight supply and ongoing demand. In the short term, consumers might see some relief in borrowing costs, but housing affordability challenges could persist as the market remains competitive.
FEATURED PROPERTY:
LOWEST MORTGAGE RATES:
VARIABLE: 5 YR HIGH RATIO P‐1.0%
5 YR CONVENTIONAL P‐0.65%
FIXED 1 YR: 5.89%
FIXED 2 YRS: 5.64%
FIXED 3 YRS: 4.69%
FIXED 4 YRS: 4.9%
FIXED 5 YRS: 4.24% (High Ratio)
FIXED 5 YRS: 4.89% (Conventional)
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