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Drop in Key Interest Rate to 4.50%: A Second Boost for the Montreal Real Estate Market

Drop in Key Interest Rate to 4.50%: A Second Boost for the Montreal Real Estate Market

Drop in Key Interest Rate to 4.50%: A Second Boost for the Montreal Real Estate Market

Montreal, July 24, 2024 – As anticipated, the Bank of Canada announced today a second reduction of its key interest rate, bringing it down to 4.50%. This 25 basis points decrease aims to reduce inflationary pressures, allowing inflation to approach its target of 2% in the coming months.

Impact on the Market

This rate cut is a breath of fresh air for many buyers who have been waiting for an opportunity to enter the market. With reduced borrowing costs and more accessible mortgage qualification thresholds, real estate activity is expected to increase significantly.

For sellers, a decrease in interest rates makes the market favorable for selling their property. With a larger number of potential buyers able to qualify for mortgages, the increased demand can lead to quicker sales.

Also read : Mortgages : understanding them better for a real estate purchase

Key Interest Rate Drop 4.5%

Source : Banque du Canada

In summary, this reduction in the key interest rate is a beacon of hope for the Montreal market, providing more favorable conditions for achieving real estate goals in a period marked by high borrowing costs.

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