Last week’s central bank cut undoubtedly marked good news for homebuyers across Canada, BlueShore Financial advisor Nico Wong told Canadian Mortgage Professional, in boosting their borrowing power and expanding their budgets.
That reduction will improve the mortgage outlook for scores of hopeful buyers – and it will also have an impact in other areas that can influence their ability to put money towards a home purchase. “Overall, everyone can expect the cost of borrowing to be lower due to the rate cut,” Wong said.
The recent rate cut is set to reduce borrowing costs across the board, offering significant benefits to individuals looking to finance major purchases like homes, cars, or education. According to Wong, the lower prime rate will positively impact mortgages, car loans, and student loans, making these financial commitments more affordable. Additionally, the reduced cost of borrowing means individuals can save money on interest payments, allowing them to allocate extra funds toward other priorities, including saving for a home purchase or other financial goals.
