Winnipeg Real Estate News Updates - September 2023
September 19, 2023 | Posted by: Ron Chan
It’s September (aka Q3) which in the Canadian real estate market marks a time when buyers are nearing their final decisions about whether or not to buy a home before the annum comes to an end.Is there anything else buyers need to know before getting pre-approved on a mortgage? Let’s review.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of September 2023
Bank of Canada Holds Rate at the Highest it’s Been in Over Two Decades
After going against their spring season indicators and raising the overnight rate at the beginning of the summer, the Bank of Canada is falling back as we approach autumn by holding the rate static at 5%.
“With recent evidence that excess demand in the economy is easing, and given the lagged effects of monetary policy, Governing Council decided to hold the policy interest rate at 5% and continue to normalize the Bank’s balance sheet. However, Governing Council remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed. Governing Council will continue to assess the dynamics of core inflation and the outlook for CPI inflation. In particular, we will be evaluating whether the evolution of excess demand, inflation expectations, wage growth and corporate pricing behavior are consistent with achieving the 2% inflation target. The Bank remains resolute in its commitment to restoring price stability for Canadians.”
At this point, Winnipeg area buyers are growing tired of the flip-flopping noncommittal statements from the Bank of Canada.
The time for waiting to make a decision about getting a mortgage as each Bank of Canada press release rolls out is over. If you’re in the market for a property, you can put the power in your hands by partnering with a mortgage broker. If you’ve been a subscriber to our blog then you already know how this works. A professional broker has long-established relationships with Canada’s big banks, credit unions, and alternative private lenders. As a result, YOU gain access to unadvertised fixed and variable mortgage rates and more favorable terms than are listed on each lender’s respective marketing promotions. View more on why you CAN stop letting the Bank of Canada prime rate (and inflated mortgage rates) dictate what you can and can’t afford.
Call Winnipeg mortgage specialist Ron Chan for a friendly conversation to discuss your options - no commitment necessary!
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