Bank of Canada delivers another interest rate cut, bringing policy rate to 3.25%.
Why It Matters Right Now
This December isn’t just about holiday shopping—it’s also an ideal time to lock in opportunities as the year wraps up. Following the December 11 reduction in the Bank of Canada's policy interest rate to 3.25%, banks have lowered their prime lending rate to 5.45%. This change directly benefits variable-rate mortgages, making monthly payments more affordable and increasing buying power, leading to significant long-term savings for homebuyers.
A Season for Savings
At Daytona Homes, we’re making is even easier to take the next step with our Best Offer of The Year. This special year-end incentive applies to select move-in ready homes and presales. Combine these savings with potentially lower interest rates, and you could start 2025 in a brand-new home while keeping more money in your pocket.
What Should Buyers Do?
Here’s how you can make the most of this timely opportunity:
1. Explore Your Options: Check out our move-in ready homes or take a look at our explore our models to find the one that fits your life and timeline.
2. Get Pre-Approved: A pre-approval gives you a clear budget.
3. Think Ahead: Lower rates can mean more buying power—this could be your chance to step into a home with the space, upgrades, or features you’ve been dreaming of.
Why Timing is... Everything
As 2024 comes to a close, the current combination of favorable mortgage conditions and our Best Offer of The Year makes now an ideal time to buy. Plus, starting December 15, 30-year amortization options—previously only available to first-time buyers—will now be open to all buyers of new homes. This change could significantly reduce monthly payments, giving you even more flexibility and affordability.
Don’t wait until the new year to start your journey. Let us help you find the perfect home this season and turn 2025 into the year you settle into the home you’ve been waiting for.
