GREAT NEWS !!! The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization. The global economy is expected to continue expanding at an annual rate of about 3% through 2026. While inflation is still above central bank targets in most advanced economies, it is forecast to ease gradually. In the United States, the anticipated economic slowdown is materializing, with consumption growth moderating. US inflation looks to have resumed its downward path. In the euro area,…

In May, the Niagara Association of REALTORS® listed 1568 residential properties compared to 1318 in May 2023. The average days it took to sell a home in May 2024 was 37 days, a 23% increase from May 2023. Consumers who have been waiting on the sidelines should be in the market now with the Bank of Canada announcement reducing the interest rate today. This has given both buyers and sellers the confidence in the market they needed. May was already showing signs of that confidence with May Sales identical to April and the Benchmark Price increase along with the days on market…