Benchmark Interest Rate hiked to 3.25%
In an effort to control inflation, the Bank of Canada raised it's trendsetting interest rate by three-quarters of a percentage point on Wednesday.
The Bank of Canada has raised interest rates four times since late September, as the world's 10th-largest economy tries to battle a financial crisis. Surges in gasoline and consumer prices have pushed inflation up to its highest level in decades, prompting the bank to try to cool red-hot price growth by raising lending rates.
Listings Hit Record
The number of new real estate listings in the market has set a record high as the housing market starts to cool off. In August, we saw a higher than normal number of new listings, which is good news for buyers and sellers who are looking to capitalize on the current market conditions.
Dream Home
The latest Dream Home Lottery aspires to raise $500,000 for Sarnia and Petrolia hospitals. If you win the lottery, which is a partnership of Bluewater Health and the Charlotte Eleanor Englehart Hospital foundations, you will get a newly constructed and fully furnished two-storey home at 1955 Orchard Ave. in Bright’s Grove.
Rent-to-Own Becoming Popular in Canada
Investing in rent-to-own housing is signing on to a unique path of delayed home ownership that many advocates see as being beneficial for those with credit limitations or damage, and inability to qualify traditionally. Although there are some risks associated with this method — such as maintenance costs or losing the down payment if tenant fails to meet agreement terms.
Sarnia Playgrounds Plan
With the recently refurbished Tecumseh Park playground, the city now has two accessible play areas. That number is expected to rise in coming years, pending changes such as those planned for Centennial Park as per the city's waterfront master plan and Germain Park's master plan.
References:
www.cbc.ca/news/bank-of-canada-rate-hike
blackburnnews.com/hot-housing-market-cools-off
stthomastimesjournal.com/latest-dream-home-lottery-hospitals
