Bank of Canada Rate Cut: What It Means for Canmore Homebuyers

Bank of Canada Rate Cut: What It Means for Canmore Homebuyers

Published on January 30, 2025

Bank of Canada Cuts Interest Rate

On January 29, 2025, the Bank of Canada reduced its policy rate by 25 basis points, bringing it down to 3.00%.

This marks the latest in a series of rate cuts aimed at stimulating economic growth and improving housing affordability.

Impact on Borrowing Costs

With this rate cut, borrowing costs are expected to decline as banks adjust their prime lending rates. The prime rate is now projected to decrease to 5.2%, making financing more affordable.

For instance, a buyer purchasing a $1,200,000 home in Canmore with a 10% down payment could see…

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Your 2024 Canmore Real Estate Market Review

It's time to reflect on the exciting trends and achievements in Canmore's real estate market. Whether you're a longtime local, a first-time buyer, or someone looking for an investment property, this year offered plenty of insights and opportunities.

Let’s dive into the numbers and see what made 2024 a year to remember for real estate in Canmore!

Single Family Homes & Duplexes

The epitome of mountain living, single-family homes and duplexes are always a hot ticket in Canmore. This year, 91 properties were sold in this category, with an impressive average price of $1,892,071. These homes spent an average of 55 days on the market, reflecting a steady demand for these larger, more private spaces.

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