Market Update October: Bank of Canada Cuts Rates by 0.5%
Description
The Bank of Canada has reduced its key interest rate by 50 basis points to 3.75 percent, marking the first cut of this size since the COVID-19 pandemic. This rate cut was prompted by the latest Canadian inflation report, showing the Consumer Price Index (CPI) dropped to a year-over-year rate of 1.6%, below the Bank of Canada's 2% target range.
James and Denny discuss their insights on Vancouver's real estate market and the impact of the recent rate cut on home prices.
This episode will focus on the recent BoC rate cute and the effects on real estate, the bizarre state of the current market, how close are we to the bottom? Sellers holding firm, inventory piling up, some optimism about the future, current variable vs fixed mortgage rates and future predictions.
Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel
Email us at garbuttdumaspodcast@gmail.com
James Garbutt
james@gdrealestate.ca
Instagram: /jamesgarbutt
Facebook: /jamesgarbutt
Denny Dumas
denny@gdrealestate.ca
Instagram: /denny.dumas
Facebook: /denny.dumas.5
Garbutt + Dumas Real Estate
Instagram: /gdrealestateteam
Facebook: /gdrealestateteam
Website: garbuttdumas.ca
United States
