Rate cuts are excellent news for those of you with variable-rate mortgages or mortgage renewals on the horizon. But on the other hand, it’s terrible news! Rates are anticipated to decline faster than expected because of recently released economic data, which paints a pretty gloomy picture of Canada’s current financial landscape. Unemployment numbers came in higher than anticipated, debt servicing costs continue to rise, and more consumers are falling behind on credit cards and other debt payments. Our economy is in a bad place. 

Corrections: 

At 0:27 – I meant to save “average sales price” not “active listings” 

At 3:43 – I meant to say “decreases” not “increases”