Interest rate cut should help Edmonton’s housing market [Video]

The Bank of Canada (BOC) announced a cut to the interest rate Wednesday and experts are expecting that will benefit Edmonton’s housing market.

Overnight, the interest rate went from 4.25 percent to 3.75 per cent.

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The interest rate affects a number of things across the country and is a method the central bank uses to control inflation.

One of the main things the rate affects is borrowing money for purchases such as houses or vehicles.

With the interest rate going down, people are expected to take more of an interest in the housing market and Edmonton is primed to be a hot area, according to mortgage broker Andy Hill.

“Edmonton is probably poised to be one of the best real estate markets in the country next year,” Hill said.

Part of that is because of the …