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Victoria real estate blog: Coronavirus vs Interest rate drop

Sunday, March 15, 2020   /   by Curtis Singh

Victoria real estate blog: Coronavirus vs Interest rate drop

The Bank of Canada has made an unscheduled emergency rate cut for the first time since the 2009 financial crisis.  It dropped its rate half a point to 0.75%, its second 50-bps cut in nine days.  This is going to have a major impact on the Victoria real estate market.

We are just in the beginning stages of the coronavirus and it will be very difficult to understand its full impact on our real estate market.  What I can say right now from the feedback our team is receiving, the market may get very active.  It seems the interest rate drop has motivated many clients we are working with.  

As a team we will be taking multiple precautions to insure the safety of our staff and clients.  Our real estate board is still reviewing what steps should be taken and could enforce some rules which we will keep you up to date on.  This is our main concern at the moment as we move into what could become a very active market.

The best suggestion I can give is to have good communication with your realtor and mortgage broker.  Our staff will be looking to have very informed phone conversations with their clients in the coming weeks.  Please contact us with any of your questions and concerns, our team is all hands on deck, we are here to help.

Curtis Singh
Team Manager
GPGVic & Associates / Pemberton Holmes
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