An unusually busy winter could be on the horizon for Prince George realtors as the Bank of Canada delivered an early Christmas gift to prospective buyers.
Yesterday (Wednesday), the central bank lowered its key interest rate by half a percentage point to 3.25% – it’s the second straight large rate cut, giving buyers more purchasing power.
BC Northern Real Estate Board President, Kristine Newell says the massive slash by the Bank of Canada will likely assist people who are looking to renew or find a new mortgage rate.
“Now might just be the right time to lock in your variable or if you are coming up for renewal anytime soon I think there are some quite good rates on the three and four-year fixed side as well.”
“If you haven’t seen your lender in a while and you are in the market, I would go back in there and get another rate hold and you might just see an increase in your purchasing power as well.”
In November, 56 single-family homes came off the market in Prince George, a medium-sized increase when compared to 12 months earlier when 44 sales were completed.
In terms of the average single-detached price in the northern capital, the Northern Real Estate Board stated it was over $487,000, an increase of over 29-grand where it was $458,00 in November of 2023.
The number of days on the market has also declined to 28 days last month compared to 58 days 12 months earlier.
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