Posted by Melanie Giray on Thursday, October 27, 2022 at 10:25:58 AM By Melanie Giray / October 27, 2022 Comment
The Bank of Canada just increased its overnight rate by 0.5%...
.....bringing it to 3.75%
Let's chat about this!
I'm Melanie Giray with the Hamre Real Estate team and RE/MAX Affiliates in Ottawa.
Interest rates have gone up once again this year by 50 basis points.
Bringing it to 3.75%
Now there is speculation that December 7th, which is the next Bank of Canada announcement that rates are gonna go up again by it's speculated by 25 basis points.
Now of course rates can't keep going up forever, just like they couldn't keep coming down forever.
Now, banks do make a lot of money from mortgages and just listening to different economists, there is speculation that come 2023, the rates are either gonna hold or they may even come down a little bit.
Now of course, this is all speculation. No one has a crystal ball.
No one knows what certainty, what's gonna happen.
But if you are a homeowner you're looking to buy, and you wanna know what this might mean for you, send me a message.
I love connecting with you guys and have a wonderful day.Bye now.
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