The Bank Of Canada today announced that they were reducing the benchmark interest rate from 1.75% to 1.25%.
The outbreak of Cornavirus is having a negative impact on the global economy and according to the Bank Of Canada “a material negative shock” to Canadian and global outlooks.
The slash in the interest rate, coupled with the relaxation in the street test could me more borrowing power for buyers. The market is already hot right now with many buyers once again finding themselves in multiple offer situations. Now is definitely a good time to list!
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