A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Mobile:
416-908-5600
Office:
905-270-2000
Email Me
A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Mobile:
416-908-5600
Office:
905-270-2000
Email Me

Bank of Canada Cuts Key Interest Rate to 4.75

June 5, 2024

 

Bank of Canada Cuts Key Interest Rate to 4.75%

 

Here are key points from much awaited BOC rate cut announcement today:

 

- Key Announcement:

  - The Bank of Canada (BOC) has lowered its key interest rate to 4.75%.

  - This marks the first rate cut since March 2020.

 

- Reasoning Behind the Cut:

  - Inflation has moved closer to the BOC's target of 2%, currently at 2.7%.

  - Core measures of inflation have eased throughout the spring.

  - Recent GDP growth was weaker than expected, at 1.7% for Q1 2024.

 

- Economic Context:

  - The BOC's previous cycle involved aggressive interest rate hikes, with the last hike to 5% in July 2023.

  - Major Canadian banks, including RBC, Scotiabank, BMO, TD Bank, and CIBC, have reduced their prime lending rates to 6.95%.

 

- Governor's Remarks:

  - Macklem emphasized that the current monetary policy does not need to be as restrictive.

  - Confidence in reaching the 2% inflation target has increased.

  - The BOC plans to take decisions "one meeting at a time" to avoid jeopardizing progress against inflation.

 

- Economic Analysts' Perspectives:

  - Experts on economy highlighted the significance of BOC being the first G7 central bank to cut rates.

  - Economists expect a gradual rate-cutting cycle to avoid tipping the economy into a recession.

  - CIBC's anticipates further cuts, with a potential 25 basis point reduction in July 2024.

 

- Impacts on Consumers:

  - The rate cut benefits variable rate mortgage holders, who have seen their mortgage payments increase significantly.

  - A 0.25% cut translates to a savings of approximately $142 per month for an average family, equivalent to a week of groceries.

 

- Outlook:

  - The rate cut signals the start of a gradual and orderly rate cut cycle expected to unfold over the next year and a half.

  - This move is aimed at fending off a potential recession and aiding economic recovery.

 

- Broader Implications:

  - The U.S. Federal Reserve has maintained its interest rate, with no immediate plans for cuts.

  - The BOC's decision may influence other central banks and economic strategies globally.

 

This move by the Bank of Canada reflects a strategic shift to balance controlling inflation and supporting economic growth. As the economy responds to this adjustment, Canadians can anticipate further developments in the coming months.

If you have any questions or would like to discuss your individual needs and goals, feel free to reach out to me at 416-908-5600. I'm here to help you find the perfect tailor-made solution.

If you enjoyed this review, I'd be truly grateful if you could leave a gracious Google Review for my real estate services:  https://rem.ax/3PUNSOS

 

Thank you for your continued support!

 

A. Q. Mufti

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INTEGRITY, WORK ETHICS, DEPENDABILITY

A glance at my achievements and passion;

  • Realtor
  • Former Member of Toronto Real Estate Board (TREB) Committee
  • Certified Project Management Professional (PMP)
  • Master Degree in Geography
  • Past Project Manager
  • Past IT consultant
  • Queen's Diamond Jubilee Medal
  • Gold Medal of Excellence for Human Rights
  • Community award for dedicated community services
  • Member of Mississauga mayor’s Diversity Advisory Committee
  • Chair - Family Day Walkathon, raising $250K for a local hospital
  • Member of Halton District School Board's Education Committee
  • Member of Halton Region Police MFST
  • Former Member of Peel Region Public School Council
  • Former Scouts Canada leader
  • Former Team Captain of Cancer Society’s Relay for Life
  • Former Board member of an international relief organization
  • Column writer
  • TV Panelist on current affairs

RE/MAX has more than 100,000 agents in more than 95 countries agents and sells more real estate than any other Canadian brand.


At RE/MAX Real Estate Centre Inc., I’m here to provide you, your family, and friends with exceptional services for your real estate needs including Residential, Commercial, and Agri/Farm Business.


RE/MAX Real Estate Centre Inc. operates out of 17 locations with approximately 920+ trained real estate professionals. 10,852 properties were sold and 105,144 appointments were scheduled in 2017 alone!

With my background in IT and Project Management and, over the several years, contributing to many charitable/not for profit organizations as a board member, I bring professionalism, ethics, sincerity, and I strive for excellence.

If you are looking for a new place to live or do business and want to sell and/or buy your next home and/or business, I would be delighted to help you achieve your goals.
I am not looking for short term gains, rather long term relationships, with the sole focus of finding solutions that best meet your needs.
I truly believe you are my best promoter when you tell others that you have received:

  •  My dedicated attention
  •  Best promotion
  •  Strong negotiation skills
  •  Taking care of critical facts
  •  Eye on items normally ignored
  •  Awareness of Market Trends
  •  Open discussion of the pros and cons

I am available during weekdays and weekends and would meet or pick up the phone personally or return your call at a time convenient for you.

You may reach me directly by calling 416-908-5600 or send me an email at your convenience at info@aqmufti.com.

I look forward to hearing from you soon.


Wishing you and your family all the fun and enjoyment.



Designation: Realtor, MSc, PMP, ABR, SRS, CNE

Education: MSc

Specialty: Buy, Sell, and Rent Residential, Commercial, and Agricultural Properties

Awards: Certified Project Management Professional(PMP), Master Degree in Geography, Past IT consultant, Project Manager, Queen's Diamond Jubilee Medal Gold Medal of Excellence for Human Rights, Community award for dedicated community services Award, Member of TREB Members Communications Committee, Member of Mississauga mayor’s Diversity Advisory Committee, Former Scouts Canada leader, Former Team Captain of Cancer Society’s Relay for Life, Member of Halton Region Equity and Inclusive Education Committee

Area Covered: GTA and beyond including Waterloo, London, Oxford, Woodstock, Niagara, Thorold

Languages Spoken: Arabic, English, Hindi, Punjabi, Urdu



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