New condominiums are already the choice of a phenomenal number of home buyers across Toronto and the Greater Toronto Area – and now, potential purchasers can look forward to even more value in a new condo suite. On March 4, the Bank of Canada lowered its target for the overnight rate by 50 basis points to 1¼ per cent, to help keep inflation on target (https://bit.ly/38sZwcZ). That may sound minor, but trust me, over the course of mortgage amortization, it translates to thousands of dollars for home purchasers.
Oh, and April 6 is just around the corner – when the mortgage stress will be eased. If that happens as planned AND the rate cut holds, potential home purchasers will definitely have more buying power. These monetary policy adjustments will enable more people to jump on the new condo bandwagon. I always say that if you’re thinking condo, buy now rather than later, and this week’s announcement by the Bank of Canada is another reason why.