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November Preferred Client Update


Blog by Kim Twohey | November 3rd, 2020


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No Change to Prime Interest Rate in Canada

At the end of October, the Bank of Canada announced that it would be leaving the overnight rate unchanged, which means that the Prime rate will remain at 2.45 per cent. They suggested that this low rate environment will  continue through until 2023, with the pandemic and resulting low inflation and GDP, as well as low oil prices being a key driver of this decision.

Whether you are looking for a new mortgage, or considering any type of renewal or financing, it is important to get all of the information possible by speaking with your lender. There are lots of opportunities right now to save money if you play out the various options available to you.


  

What Are "Off-Market" Properties?

Off-Market listings are properties that are for sale but aren’t listed on multiple listing services. Some sellers desire an off-market listing to test the waters, maintain privacy or create a sense of exclusivity that could result in a higher selling price.

For buyers, off-market listings provide access to additional inventory and the opportunity to avoid competition for property in a desirable area. Off-market sales involving only one agent can sometimes provide very little wiggle room for buyers looking to negotiate a price.

To get access to these listings, buyers can ask their REALTOR® to reach out to the homeowner directly, or to the Realtor representing it. 

In addition to being able to list properties as off the market, CIR REALTY also has an official two week Coming Soon listing program to help build up anticipation and potentially receive offers before the home hits the MLS—a huge benefit for sellers who may be wanting to avoid the hassle of having their home open for multiple showings and open houses. 

For buyers, because CIR REALTY has 700 Realtors across Central and Southern Alberta, our Realtors have access to an enormous inventory of off-market properties, giving you access to properties you may never hear of otherwise. Speak to us for more information!