Here is some important mortgage information from Bryan Guertin:
The Bank of Canada is keeping the key policy rate unchanged in the last rate announcement under outgoing Governor Mark Carney. The Bank said that Canadian “growth in the first quarter was stronger than the Bank projected” and that looking ahead "consumer spending is expected to grow at a moderate pace, business investment to grow solidly,” and inflation to remain subdued. The Bank also noted that “growth in total household credit is slowing.”
As we’ve seen in previous announcements, the Bank indicated that our historic low rates “will likely remain appropriate for a period of time” as a result of continued weakness in the economy, but hinting that any future rate move will likely be a modest rate increase.
The prime rate for most lenders should stay at 3%, exactly where it has been for almost three years, since September 2010.
The Bank's next rate decision is scheduled for July 17.
For those looking to purchase or refinance and want to lock in, take advantage of the historically low fixed rates we continue to enjoy!
Thank you for reading!
If you liked this, you'll like my other channels too! Hit the buttons below to Like, Follow and Connect with me.
As always, if you would like to discuss your current real estate situation, I would love to offer my expert knowledge. You can reach me at 905 339 5270, or by email at email@example.com.
Passionate About Real Estate. Devoted to My Clients.
CENTURY 21 MILLER REAL ESTATE LTD.
467 Speers Road
Ontario, L6K 3S4
Direct Line: 905.339.5270 E-Mail: firstname.lastname@example.org