In the wake of the Bank of Canada’s surprise decision to cut interest rates the Royal Bank of Canada dropped its five year fixed rate to qualified borrowers to 2.84 per cent over the weekend.
What does this mean for Real Estate? Experts predict more cuts from all lenders meaning a tremendous upswing in the Real Estate market as lower rates trigger an increase in demand. These projected lending conditions coupled with the general upward trajectory of the Okanagan housing market over the last year ( sales were up almost 21% of 2013) means that we will continue to experience high demand for inventory through 2015.