Market Update October: Bank of Canada Cuts Rates by 0.5%

by on October 29, 2024 with No Comments

The Bank of Canada has reduced its key interest rate by 50 basis points to 3.75 percent, marking the first cut of this size since the COVID-19 pandemic. This rate cut was prompted by the latest Canadian inflation report, showing the Consumer Price Index (CPI) dropped to a year-over-year rate of 1.6%, below the Bank of Canada’s 2% target range.

James and Denny discuss their insights on Vancouver’s real estate market and the impact of the recent rate cut on home prices.

This episode will focus on the recent BoC rate cute and the effects on real estate, the bizarre state of the current market, how close are we to the bottom? Sellers holding firm, inventory piling up, some optimism about the future, current variable vs fixed mortgage rates and future predictions.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel

Email us at garbuttdumaspodcast@gmail.com

James Garbutt james@gdrealestate.ca Instagram: /jamesgarbutt Facebook: /jamesgarbutt

Denny Dumas denny@gdrealestate.ca Instagram: /denny.dumas Facebook: /denny.dumas.5

Garbutt + Dumas Real Estate Instagram: /gdrealestateteam Facebook: /gdrealestateteam Website: garbuttdumas.ca

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(Swipe right for renderings of what was going to be our dream home on this property)

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Sunday stroll through Queen’s Park. Talking abou

413 Fourth St, New Westminster - Coming in hot! 🔥🏠

5 Bed | 3 Bath | 2669 SF
$1,899,000

Situated in New Westminster’s desirable Queen’s Park neighbourhood, this 1895 character home has undergone many updates over the years, yet retains a distinctive historical flair and quality traditional craftsmanship no longer seen in modern builds. With 3 bedrooms on the top floor (5 in total) and 3 bathrooms, this functional plan measures 2,669 sq ft of total living space. The main floor includes a spacious kitchen and bright solarium, with double French doors opening up to a large wrap-around patio and landscaped private garden of over 4,000 sq ft, great for entertaining and social functions. This zoning area is also eligible for laneway home application in the backyard for extra income generation. Zoning allows laneway houses.

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