Welcome to this week’s market update! Here’s what’s happening in the mortgage and housing market, and what it means for you as a homebuyer or homeowner.

💡 Bond Yield Update

The Bank of Canada’s 5-year bond yield has risen slightly to 2.80%, up from 2.74% last week. While the increase is small, bond yields play a key role in determining fixed mortgage rates. We’re keeping a close eye on this, and if bond yields drop, you may see fixed rates decrease as well. Stay tuned for potential changes that could benefit your mortgage.

📉 Bank of Canada’s Next Move

The Bank of Canada will make its next announcement in October, and analysts are predicting a possible rate cut if inflation continues to stay near the 2% target. While this primarily impacts variable-rate mortgages, a reduction in the bond market could help lower fixed rates too. This could mean better opportunities for both homebuyers and homeowners who are looking to refinance.

📈 Inflation Hits 2%

Inflation has now hit the Bank of Canada’s 2% target as of August. This milestone may shift the Bank’s focus towards stimulating the economy, which could lead to additional rate cuts in the coming months. If you’re looking for lower mortgage rates, now is a good time to stay informed about these changes.

🏠 More Buyers Entering the Market

With interest rates trending downwards, more buyers are entering the market, which is driving higher demand for homes. This increased demand could raise the value of your property. If you're a homeowner, now is a great time to get a free market report and see how much your home is worth. If you're looking to buy, let’s work together to create a custom budget and find the best opportunities before prices rise further.

What Does This Mean for You?

• Homebuyers: If you're actively looking to buy a home, having a custom budget is key in this competitive market. Reach out to me today to get started.

• Homeowners: Curious about how much your property is worth in today’s market? Contact me for a free market report and take advantage of rising home values.

Don't wait—let's make sure you're in the best position whether you're buying or assessing your home’s value.

Your Friend in the Mortgage Business,
Adam Walker
226-567-4274 ext. 1
[email protected]

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