Agent Will

Well this is bigger than I thought they would go.  Then again we are a big country with some pretty big needs in the East (the manufacturing centre of Canada).  The BOC has cut rates by half a point.  A further cut is possible in April and another in June, though, with this big an initial cut they may not happen.

As many of you know I and my trusted mortgage advisors have been advocating the Variable Rate for the past four years.  Those who followed this advice will get to enjoy a cut in their mortgage payments.  Those who did not will only be affected in a cut to their bank’s saving account rate (if you are at a bank with a decent enough savings account like PCFinancial, ICICI, or a few others).

So how will ths rate cut affect the local real estate market?  Prices may go up but I’m not so sure that we will see volume of sales increasing.  The good homes priced well will sell, probably for more than they would have last week.  The dogs are still dogs and the buyer sentiment out there is not interested in them at all.