Signs of lower interest rates could fuel Canada’s housing market rebound

A collective sigh of relief is felt for mortgage holders up for renewal as the first signs of lower rates are starting to appear. Mortgage brokers say this is the first time a below five per cent five-year fixed mortgage has been available in six months. Right now, that rate is only available to about eight or nine per cent of all mortgage seekers but with experts predicting rate cuts for 2024, the Bank of Canada is cautioning Canadians about when to expect them to go down. On Wednesday, the central bank released details of its decision to hold its 5 per cent benchmark interest rate. Some members expressed concerns that dropping the rate prematurely “the housing market could rebound, further fueling shelter price pressures.” Global's Kyle Benning has more. For more info, please go to https://globalnews.ca/news/10182372/bank-of-canada-rate-cuts-housing-market-rebound/ Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc Like Global News on Facebook HERE: http://bit.ly/255GMJQ Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB #GlobalNews #canadahousing