Another two (TD & RBC) of the big bank increased their residential lending rates today. If you or your buyers have not already locked in a rate for 90 days, now would be the time, and of course shop around as the less than 3% rates are still out there.
So why are rates going up? Is the market over-heating again, and this is an attempt to cool things off? I think not. Having worked in banking I personally believe that this is nothing else than the big banks taking advantage of the hot, consistent summer activity and attempting to increase their spred.
This being said, Prime has not increased in quite some time, and there has been continuous talk that it is bound to happen.
Either way, fall is around the corner, so enjoy the summer and this active market.
Mark WilbertCentury 21 A.L.L. Stars Realty Ltd.
Edmonton Real Estate Agent