BANK OF CANADA INTEREST RATE DROP! | Real Estate Rumblings

The Bank of Canada dropped a bombshell on the Canadian real estate market by dropping its overnight interest rate. Combine that with the revised stress test and that improvement in the Canadian real estate market I predicted earlier in the year might finally get the kick we have been waiting for. The Canadian housing market is going to get hot really fast with this change. When there is real estate or mortgage news you know Bald Prairie Real Estate is going to cover it, oh and there will be a bad dad joke!

Mortgage Stress Test
The Canadain government decided to revisit the stress test for insured mortgages. Instead of having buyers qualify on their quoted rate or 5.19% home buyers now must just qualify on 2% higher than their quoted interest rate.

Bank of Canada Overnight Interest Rate
The Bank of Canada dropped a massive bomb and matched the US federal reserve by dropping its overnight lending rate by 50 basis points. This has sent mortgage rates offered in Canada tumbling. Already the big banks in Canada have announced that they are dropping their prime rate by 0.5%.

My name is Matthew Pfeifer and I am a realtor in Regina Saskatchewan working for Royal LePage Regina Realty. In nearly 10 years working as a real estate agent I have seen both ups and downs in the market. But there is no real estate market that you cannot buy or sell a house in. Often the media tries to present a Canadian real estate market or they talk about the real estate market in Canada as if there is a national market. With a country as vast and diverse as Canada trying to make predictions or reports about the Canadian real estate market is tough. I try in my market update to focus on the Regina perspective. But if you are looking for a more national perspective Royal LePage puts out great monthly reports across Canada as well as national reports on the Canadian real estate market. Even better if you are watching this from another city in Canada and want specific information about your specific real estate market, I would be happy to put you in touch with a great Royal LePage realtor in your region. I aim to be the top Regina realtor though my client service and belief in educating my clients about the Regina real estate market.

Royal LePage Regina Realty


Are you wanting to know more about mortgage terminology, rates, terms, etc? Kevin Carlson has a great breakdown here all about it: https://www.youtube.com/watch?v=7aq32AYhQQ0

If you want to learn more you can check out my Facebook page: https://www.facebook.com/MatthewPfeif...

Or follow me on Instagram: https://www.instagram.com/matthew_pfe...

#BankofCanadaInterestRate #MortgageNews #RealEstateNews