The Toronto real estate market continued to reflect the subdued summer trend in August, with prices showing minimal year-over-year fluctuations and a slight decrease in sales volume.
Against the backdrop of a surprise contraction in Canadian GDP during the second quarter of 2023, the Bank of Canada made a justified decision to hold on any interest rate hikes this month. For more key takeaways on the current mortgage rates, scroll down for the latest from Sean Smith - mortgage broker from Dominion Lending.
Tune in to Alex's video for his insights on how this is having an impact on today's market!
Key Takeaways - Mortgage Rates
On Wednesday, The Bank of Canada held its overnight rate at 5%, most Bank prime rates are at 7.20%.
Two rate announcements remain this year; Oct 25 and Dec 6.
Market forecasts of an additional rate hike before the end of the year are falling, currently sitting at a 40% likelihood.