{"id":352,"date":"2024-06-20T17:02:19","date_gmt":"2024-06-20T17:02:19","guid":{"rendered":"https:\/\/valery.ca\/blog\/?p=352"},"modified":"2024-10-24T20:30:08","modified_gmt":"2024-10-24T20:30:08","slug":"bank-of-canada-interest-rate-cut-for-real-estate","status":"publish","type":"post","link":"https:\/\/valery.ca\/blog\/bank-of-canada-interest-rate-cut-for-real-estate\/","title":{"rendered":"The Bank of Canada Interest Rate Cut: What Does This Mean For You?"},"content":{"rendered":"\n<p style=\"font-size:18px\">Finally, the news we&#8217;ve all been waiting for. The Bank of Canada interest rate cut! <\/p>\n\n\n\n<p style=\"font-size:18px\">The Bank of Canada cut the interest rates from 5% to 4.75%&#8230; <em>for the first time in 4 years.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bank of Canada interest rate cut, but what does that mean for you?<\/h2>\n\n\n\n<p>For every $100,000 borrowed, you save about $15 per month.<\/p>\n\n\n\n<p>Calculating mortgage payments break down:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"compact-list\">At 5%, it used to cost $582\/mo to borrow $100,000<\/li>\n\n\n\n<li>Now at 4.75%, it costs $567\/mo to borrow $100,000<\/li>\n<\/ul>\n\n\n\n<p>Here&#8217;s what you save each month based on your mortgage size:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Mortgage Size<\/th><th>Monthly Savings<\/th><\/tr><\/thead><tbody><tr><td>$400,000<\/td><td>$60<\/td><\/tr><tr><td>$500,000<\/td><td>$75<\/td><\/tr><tr><td>$600,000<\/td><td>$90<\/td><\/tr><tr><td>$700,000<\/td><td>$105<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>For buyers, this means you may have to move at a faster pace than you were previously used to. Make sure to stay updated on property listings and secure your pre-approvals as soon as possible.<\/p>\n\n\n\n<p>And for sellers, this could mean a good opportunity for a quick sale.<\/p>\n\n\n\n<p>Month-over-month home sales have already picked up quite a bit, with national sales up 14.5% from March to April and 10.1% year-over-year.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>If you&#8217;re curious about how this rate cut impacts you, our team is here to help. Send us an email at <a href=\"mailto:info@valery.ca\">info@valery.ca<\/a> and we&#8217;ll shoot over some more info.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finally, the news we&#8217;ve all been waiting for. The Bank of Canada interest rate cut! The Bank of Canada cut [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[84,83,86,85],"class_list":["post-352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bank-of-canada-interest-rate-cut","tag-bank-of-canada-interest-rate-announcement","tag-bank-of-canada-mortgage-payments","tag-bank-of-canada-rate"],"mtags":[{"term_id":84,"name":"Bank of Canada Interest Rate Cut","slug":"bank-of-canada-interest-rate-cut","term_group":0,"term_taxonomy_id":84,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":83,"name":"bank of canada interest rate announcement","slug":"bank-of-canada-interest-rate-announcement","term_group":0,"term_taxonomy_id":83,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":86,"name":"bank of canada mortgage payments","slug":"bank-of-canada-mortgage-payments","term_group":0,"term_taxonomy_id":86,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":85,"name":"bank of canada rate","slug":"bank-of-canada-rate","term_group":0,"term_taxonomy_id":85,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"}],"featured_image_thumbnail_url":"https:\/\/valery.ca\/blog\/wp-content\/uploads\/2024\/06\/93d6efa9-02f5-4261-84c5-0c7b63537c84.jpeg","_links":{"self":[{"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/posts\/352"}],"collection":[{"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/comments?post=352"}],"version-history":[{"count":11,"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/posts\/352\/revisions"}],"predecessor-version":[{"id":654,"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/posts\/352\/revisions\/654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/media\/384"}],"wp:attachment":[{"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/media?parent=352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/categories?post=352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/valery.ca\/blog\/wp-json\/wp\/v2\/tags?post=352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}