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variable mortgage ratestorontosun
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87% Informative
The Bank of Canada’s interest rate cut of 50 basis points to 3.75 per cent is welcome news to homeowners with variable rate mortgages and those with mortgages coming up for renewal.
Prime rates will likely fall to 5.95 per cent at most lenders, says mortgage expert Penelope Graham .
While the rate cut may spur some prospective home buyers into the market, others may continue to wait in anticipation of further cuts.
New mortgage policy reforms that go into effect on December 15 could prompt activity to pick up in the new year .
The total monthly SAAR of housing starts for all areas in Canada increased five per cent in September .
In Canada ’s urban centres with a population of 10,000 or greater, there were 168,897 actual housing starts between January and September .
That compares to 165,559 for the same period in 2023 .
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