In this episode of The Flow: Real Estate & Money Show, Alex McFadyen, your host, discusses the Bank of Canada's (BOC) decision to maintain the overnight rate at 5% in January 2024, and essentially removing rate hikes from its immediate plans. Alex interprets and walks through the BOC's confidence in inflation returning to normal, and speculates about future reductions in interest rates influenced by several factors including the housing market, economic indicators (domestic and abroad), and immigration. Alex also highlights the impact of U.S economic activities on Canada's economic decisions. Differences between adjusting short-term and long-term mortgage rates, and potential penalties for early mortgage termination were also touched on. Alex emphasizes the need for personal financial strategy and planning, especially as we approach recessionary times.

Ready to take the plunge into homeownership? Don’t miss our comprehensive First-Time Home Buyers Course available at the link below. This essential resource is designed to guide you through the maze of purchasing your first home with confidence and ease. Free for a limited time to listeners of the show!

https://alex-s-school-7883.thinkific.com/courses/first-time-home-buyer-course

For daily insights, make sure to find us on Instagram, Facebook, and YouTube: @flowmortgageco

Don't just dream about your future home, make it a reality! Subscribe to "The Flow: Real Estate & Money Show" for more invaluable insights, and visit our website at getflowmortgage.ca to discover how we can help make your property aspirations come true.