Interest Rate Cut Welcome News for Homeowners With Variable-Rate Mortgages

Interest Rate Cut Welcome News for Homeowners With Variable-Rate Mortgages
People pass the Bank of Canada in Ottawa, on Wednesday, July 24, 2024. The Bank of Canada has named three experts that will assess its internal review of the central bank's policy response to the COVID-19 pandemic. THE CANADIAN PRESS/Justin Tang
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Real estate experts say the Bank of Canada’s third consecutive interest rate cut will be cheered by those with variable-rate mortgages, but it could still be a while yet before lower borrowing costs translate into a meaningful boost to sales activity.

“It’s good news that the Bank of Canada is continuing to lower the overnight rate, though we are not likely to see the effects in the housing market for quite some time,” said Ratesdotca mortgage and real estate specialist Victor Tran in a statement.