Great, great, news hot of the
press this morning!! The Bank of Canada came through with another 50 basis
point drop in the overnight rate.
It has already been announced that the
major banks are following suit with a .5% cut in the Prime Rate. to 2.5% . The low interest rates appear to be here for a while as the Bank of Canada said they will not increase rates until after the economy has shown clear signs of sustainable recovery
That
means if you are in a variable rate mortgage mortgage just got even cheaper! If you are not in a variable mortgage now might be the time to look at switching to one.
Here's the link to the full
announcement:
Canadian banks cut prime rates by 50 basis points
Fixed rates are also at a historical low at 4.29% so money is definitely on the cheaper side these days. The real estate market is starting to heat up as we enter the typically busy spring market. I even came across a multiple offer situation last week. There are some very good deals out there right now. First time buyers are jumping into the market strongly.
Remember if you currently own a home and you want to buy a new one the market conditions mean very little as you are only concerned about the price difference between the two homes.
I work with a handful of very good realtors so if you need a referral please just give me a call.
