The sixth consecutive rate cut from the Bank of Canada is good news for the real estate market in Prince George.
The key rate dropped by a quarter of a percentage point bringing it to 3% on Wednesday.
BC Northern Real Estate Board President, Kristine Newell told Vista Radio it will help those looking to renew those dirt cheap rates they received in 2020 .
“What it is going to do, and it’s partly seasonal too, is that are inventory is quite low as listings go. It’s going to put a little bit more on those and drive us a little bit more into that sellers market.”
“It’s funny a lot of those rates are coming up for renewal now but a lot of people were worried they wouldn’t be able to re-qualify for their homes but it will help a lot of folks and we might see some variable (rate) people and they are going to lock those rates in.”
As for the proposed 25% tariffs from, US President Donald Trump, Newell says local realtors are taking a wait and see approach as to how it might affect us.
“What we are doing right now is carrying on as business as usual because we just don’t know what is going to happen. So, once legislation goes into place we are going to have to take a look at it and regroup.”
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