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Interest Rate Decrease to 4.75%: Good News for the Montreal Real Estate Market

Interest Rate Decrease to 4.75%: A Breath of Hope in the Montreal Real Estate Market

Montreal, June 6, 2024 – Yesterday, the Bank of Canada announced the reduction of its key interest rate to 4.75%, a verdict that suggests a renewed sense of hope for many buyers eyeing the Montreal market. This long-awaited decrease brings significant relief to potential buyers and energizes the real estate sector in Montreal.

Impact on the Montreal Real Estate Market

According to economists, this 25-point decrease aims to alleviate inflationary pressures and support the Canadian economy, which has shown signs of slowing down. The Bank of Canada has also hinted at potential further rate cuts later this year, which could further energize the real estate market.

For buyers, this rate reduction potentially means lower borrowing costs, which could make purchasing a property more accessible. On the sellers’ side, a decrease in interest rates makes the market favorable for selling their property.

In essence, this decrease in the key interest rate offers opportunities to both buyers and sellers, while reflecting the efforts of the Bank of Canada to support the national economy.

Do you have any questions about the key interest rate? Contact a real estate broker.

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