Real estate news: Ottawa brokers watching anticipated Bank of Canada interest rate cut closely [Video]

There’s anticipation of a further rate cut from the Bank of Canada this week due to plummeting inflation and back-to-back interest rate cuts this year.

Forecasters said this week they expect the Bank to speed up the pace of interest rate cuts and lower its policy rate by half a percentage point this week.

Those in the Ottawa real estate industry say they are watching closely to see the impact on the local market.

“I think Canadians and economists would be extremely disappointed if governor Tiff Macklem did anything less than half a percentage point this time around. Listen, they were really aggressive at raising interest rates when inflation was at eight and even per cent and now it’s at 1.6 per cent,” said Frank Napolitano of Mortgage Brokers Ottawa.

The September inflation rate is down to 1.6 per cent, below the Bank of Canada’s 2 per cent inflation target. The Bank has lowered its key interest rate …