Today (March 6, 2024), a pivotal announcement from the Bank of Canada (BOC) Governor Tiff Macklem echoed through the corridors of Canadian finance: The Overnight Rate remains on hold, continuing the policies of Quantitative Tightening. With the sentiment "There will come a time to cut rates - but it's not now," Macklem has set the tone for Canada's economic direction, leaving many variable rate mortgage holders and prospective real estate buyers in a state of anticipation for the long-awaited relief in interest rates. Alex McFadyen, Mortgage Advisor and owner of Flow Mortgage Co, breaks down ALL you need to know about today's announcement.
In this video, we delve into:
📊 BOC’s Announcement Overview: Why has the Bank of Canada decided to maintain the status quo? We explore the underlying reasons, including inflation, economic growth, and GDP dynamics.
🏠 Impact on You: How does this decision directly affect Canadian mortgage holders, homeowners, and those looking to enter the real estate market? A comprehensive analysis awaits.
🔮 Interest Rate Projections: When can we expect a shift in the Bank of Canada's stance on interest rates? We offer insights into future rate movements and what it means for those with variable rate mortgages.
📈 Real Estate Market Outlook: With prices showing signs of recovery in various Canadian markets, we assess whether this upward trend will sustain under the current interest rate hold.
Whether you're navigating the implications of your current mortgage, considering buying property, or simply keen on understanding the economic forecast, this video sheds light on the ripple effects of the BOC's latest announcement on Canada's financial landscape.
🎙️ Make sure to check out our brand new podcast, "The Flow: Real Estate & Money Show" wherever you listen to podcasts. podcasters.spotify.com/pod/sh...
🌐 For detailed insights and tailored advice for the Canadian market, don't forget to visit www.getflowmortgage.ca/. And, if this content lights a bulb for you, give us a like, share, and make sure you're subscribed to Flow Mortgage Co.
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#canadianeconomy #bankofcanada #recession #inflation #costofliving #canadarealestate
Timestamps:
0:00 Introduction
0:42 An Overview of the BOC’s Announcement
1:43 How This Impacts You
3:01 The BOC Projections
3:43 Impact on Homeowners and Mortgage Holders
4:22 When Are Rates Coming Down?
5:09 Real Estate Market Outlook
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