Essential service, interest rates and rentals.
1. Realtors were named among the province’s list of essential services. Realtors have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements.
2.Interest rates made headlines again as the Bank of Canada cut interest rate the 3rd time in just 3 weeks. The key interest rate was lowered another 0.5% bringing it down to 0.25%. What does that mean for you?
If you are in a variable rate mortgage, you will most likely see the savings passed on as lenders drop their prime rates to match the Bank of Canada's latest rate cut. For fixed-rate mortgages, it's advised to check with your mortgage broker.
3. The provincial government announced starting April that there will be a $500 rent subsidy available for tenants. There is also a freeze on any evictions and annual rent increases until further notice.