Bank of Canada Increases Overnight Rate to 2.50% – WHAT DOES THIS ALL MEAN!?

In Wednesday’s announcement, The Bank of Canada raised its benchmark interest rate by 1.00% which was a larger increase than had been anticipated. This is the largest single increase in the overnight rate that we have seen in more than 20 years.   Why? During the pandemic the central bank cut the lending rate to stimulate the economy by encouraging people to borrow and invest at a low rate. It...

CREA To Launch Open Bidding Program

The Canadian Real Estate Association(CREA) has announced that it’s starting a pilot program that will allow the public to see real-time offers as they are registered on properties via REALTOR.CA. The details regarding the launch of this program are still vague as they are still completing their due diligence on determining the appropriate place or places to launch.   CREA’s Chief Executive...

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