So it finally happened.
The Bank of Canada cut interest rates by 0.25%, the first time in four years.
What does that mean to you?
Well, if you've got a variable rate mortgage, you're going to save some money.
For every $100,000 you borrow, you'll save about $15 a month. At 5%, it used to cost $582 a month to borrow $100,000. Now, at 4.75%, it costs $567 a month to borrow $100,000.
Here's what you save each month based on your mortgage.
On a $400,000 mortgage, you're going to save $60.
On a $500,000 mortgage, you're going to save $75.
On a $600,000 mortgage, $90 in savings.
On a $700,000 mortgage, $105 is going to save.
Is that enough to get buyers off the fence?
Well, we're going to be watching closely this week because we sure hope so.
The latest Kingston, Ontario real estate listings, market updates, and buyer and seller tips from your Kingston Real Estate Agents Lynn Wyminga & Lorna Willis. 🏗
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Lynn Wyminga & Lorna Willis, Sales Representatives
RE/MAX Finest Realty Inc., Brokerage
Lynn Mobile: (343) 989-1550 | Lorna Mobile: (613) 389-1005
Office: (613) 389-7777
Website: www.lwrealty.ca
Email: info@lwrealty.ca
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