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As we step into 2025, it’s a moment to reflect on the transformative changes that shaped the real estate market in 2024. From shifts in the Bank of Canada’s interest rate strategy to bold CMHC mortgage reforms, last year brought opportunities and challenges that we navigated together with our clients. These changes have set the stage for a promising year ahead.
Bank of Canada Interest RatesThe Bank of Canada’s approach to interest rates in 2024 had a significant impact on the market. While the year began with high rates that tightened affordability, the tide turned in the latter half with several key rate drops. These reductions lowered borrowing costs, restored market confidence, and allowed more Canadians to pursue their real estate goals.
For more on how interest rates evolved and their role in the market, visit the Bank of Canada’s key interest rate page.
In September 2024, the government announced sweeping CMHC reforms aimed at unlocking homeownership opportunities. These included more accessible qualification criteria, extended amortization periods for first-time buyers, and reductions in mortgage insurance premiums. Combined with the rate drops later in the year, these changes opened doors for many new buyers, providing a boost to the market.
For full details on these reforms, visit the official government release.
December closed out the year on a positive note:
Thank You to Our ClientsAt Vrecko Real Estate Group, we are deeply grateful to our clients for trusting us with their largest investments. Your confidence and loyalty drive us to excel in delivering exceptional service and unmatched expertise. It has been our privilege to guide you through the opportunities and challenges of 2024.
As we look ahead to 2025, we are excited to continue working with you to achieve your real estate goals. Whether you’re buying, selling, or investing, let’s make this year a remarkable one together.
Thank you for being part of the Vrecko Real Estate family. Here’s to a successful and prosperous 2025!
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