Bank of Canada reduces policy rate by 50 basis points to 3¾%
Andy Schildhorn • October 29, 2024
The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization. Read More Here
SURREY, BC – The Fraser Valley market showed early signs of a spring thaw in February, with sales increasing over January, but continuing to trail typical levels for this time of year. The Fraser Valley Real Estate Board recorded 843 sales on its Multiple Listing Service® (MLS®) in February, a 36 per cent increase from January, but 38 per cent below the ten-year seasonal average. New listings declined nine per cent in February to 2,796, suggesting some sellers are choosing to wait amid competitive inventory levels, and may be positioning their homes for the peak of the spring market.
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The economics of building new homes in Canada are now "simply broken," sparking a macroeconomic drag that CIBC economists warn is just beginning to take hold. 👉 Details Here
