Independent and employee owned - local news stories, weather, sports, events and more
Posted: Jun. 6, 2024 8:08AMFor the first time since March of 2020, interest rates are coming down after the Bank of Canada cut its key rate by a quarter point to 4.75 per cent, and the impact is going to be felt in the pocketbooks and mortgages of Canadians.in Langford is still under construction, but once complete the six-storey 68-condominium complex is expected to sell quickly.
“Our one-bedroom condos start at $429,900. Then our two bedrooms start at $524,900. Even with these low, and attractive price points, we still have a lot of people struggling to get that financing across the board, and approved,” Faber said.It came Wednesday morning from the Governor of the Bank of Canada, Tiff Macklem.
“There’s a lot people sitting on the fence, kind of waiting for that confidence. I think a lot of buyers want to see that first rate drop happen, so they know some more could come down in the future,” Faber said.For homeowners like Joseph Hopkinson it’s been a tough few years. When interest rates spiked so did his variable rate mortgage payments costing him an extra $2,000 a month.
Mortgage broker Kam Brar says while variable mortgage holders will see some immediate relief, it will take time before there’s a change to fixed term mortgages.
CHEK News Governor Realtor Scott Faber Tiff Macklem
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wildfire plan wants 50% of Canadians to act in response to climate change by 2025CRANBROOK, B.C. — Canadian federal, provincial and territorial forest ministers have signed on to a national strategy that they say aims to raise awarenes
Read more »
For Canadians searching for affordability, Edmonton is a top choiceAccording to a recent survey, Edmonton is the destination of choice for people in the Toronto and Vancouver areas who are searching for a more affordable lifestyle
Read more »
Canadians mark 80th anniversary of D-Day as sun shines on Juno Beach in NormandyCOURSEULLES-SUR-MER — The sun was shining on the beaches of Normandy on Thursday morning as a Canadian ceremony to commemorate the 80th anniversary of D-Day got underway in Courseulles-sur-Mer, France.
Read more »
Canadians mark 80th anniversary of D-Day as sun shines on Juno Beach in NormandyThe sun was shining on the beaches of Normandy Thursday morning as a Canadian ceremony to commemorate the 80th anniversary of D-Day got underway in Courseulles-sur-Mer, France.
Read more »
Canadians mark 80th anniversary of D-Day as sun shines on Juno Beach in NormandyCOURSEULLES-SUR-MER — The sun was shining on the beaches of Normandy on Thursday morning as a Canadian ceremony to commemorate the 80th anniversary of D-Day got underway in Courseulles-sur-Mer, France.
Read more »
Canadians mark 80th anniversary of D-Day as sun shines on Juno Beach in NormandyCOURSEULLES-SUR-MER — The sun was shining on the beaches of Normandy Thursday morning as a Canadian ceremony to commemorate the 80th anniversary of D-Day got underway in Courseulles-sur-Mer, France.
Read more »