On October 23, 2024, the Bank of Canada dropped its interest rate by 0.50%. This brings the rate down to its lowest level in years, and it’s going to shake things up in the Muskoka real estate market. So, what does this mean for you, whether you’re buying or selling?

Why the Rate Cut?

Canada’s inflation has dipped to 1.6%—well below the Bank’s target. With weaker consumer confidence and rising unemployment, the Bank is hoping this rate cut will give the economy a boost. Lower rates mean cheaper borrowing, which is great news for the housing market!

If you are a Seller, this may mean that there are more Buyers qualifying for your property. Perhaps there will also be less competition. Potential Sellers who were worried about having to sell, may have some relief now.

Potential for Higher Offers

With buyers qualifying for larger loans, there’s a chance they may make higher offers on your property. This is especially true in competitive markets where multiple buyers are vying for the same home.

Should You Act Now?

It is a great time to act. For Buyers – before all the other Buyers hit the market and drive prices up again.

For sellers, listing your property could be a good plan. But, it depends on your situation. Please rely on your personal needs and the advice of a Muskoka real estate professional – we are always available to you.

Next Steps

Lenore and I are here to help you with your own unique situation. We provide personalized, professional and exclusive care. We are REALTORs with Johnston and Daniel Rushbrooke Realty Inc., and we’re here to guide you through the process.

Please contact us, and we’ll start your specific plan. Our timing is your timing, whether you want to take action today, or in five years from now.

Best regards,

Catharine Inniss
REALTOR
Johnston and Daniel Rushbrooke Realty, Brokerage

Port Carling

1 705-801-2304

cath@cottageinmuskoka.ca

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