The Bank of Canada just lowered its key interest rate to 2.25%, marking the second cut in a row — and for anyone thinking about buying or refinancing, this could be a golden window of opportunity. Let’s break it down.
đź’ˇ What This Means for You
The central bank’s move makes borrowing slightly cheaper, especially for variable-rate mortgages and anyone renewing soon. It’s not a massive overnight drop in payments, but it does signal a more supportive lending environment.
If you’re buying:
Lower rates can stretch your affordability just a bit further.
A pre-approval now locks in a lower rate if things rise again.
Victoria’s market is still steady, so being prepared helps you act fast when the right home appears.
If you’re refinancing:
Your variable-rate mortgage may see a small payment dip.
Fixed-rate borrowers can explore new terms when their mortgage renews.
It’s worth reviewing break-even numbers with a trusted broker to see if a refinance saves you money.
🌊 Why It Matters in Victoria
Our market moves differently from the rest of the country — limited supply, coastal charm, and lifestyle demand keep things balanced. A rate cut doesn’t mean “cheap housing,” but it does mean a little more breathing room and opportunity for smart, strategic buyers and sellers.
Now is a great time to:
Review your budget and ideal monthly payment
Get pre-approved to stay ready
Talk strategy with your REALTOR® and mortgage advisor team
💬 Let’s Chat
Whether you’re planning to buy, sell, or refinance, I’m here to guide you with the local insight, strategy, and heart it takes to make your next move confidently. And if you need a recommendation for trusted mortgage brokers who can help make sense of your financial options, I’m happy to connect you with them.
📞 Let’s connect today — YourVanIsleHome.com
Because finding your home (and your people) in Victoria starts with a conversation.
Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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