Mortgage Flash - November 2009
Is this the right time to buy a property?
Yes. Home values are recovering much faster than we all thought they would. Nonetheless, home prices are still more affordable than they were 2 years ago. The bank of Canada has much to do with the recovery of the housing market by lowering interest rates to stabilize the economy. With interest rates so low and housing prices still recovering, investing into a home today versus next year would prove to be a smarter decision. Obtain a pre-approval from a mortgage broker and place a 90 day rate hold. This will let you benefit from today’s low rates for the next 3 months.
In order to counteract the rate of inflation, The Bank of Canada has already announced that they will start raising interest rates by the 2nd quarter of 2010 and by July of next year, BC will start collecting a new 12% HST replacing today’s 5% GST. Not to mention, Vancouver is hosting the 2010 Winter Olympics next year. The answer is easy, stop renting, plan for your future, and own a home.
|
Posted
|
Term
|
Own A Mortgage
|
|
3.75%
|
1 year fixed
|
2.25%
|
|
4.60%
|
3 year fixed
|
3.45%
|
|
5.78%
|
5 year fixed
|
3.85%
|
|
6.60%
|
7 year fixed
|
4.90%
|
|
2.25%
|
Variable Rate Closed
|
2.00%
|
|
3.05%
|
Variable Rate Open
|
2.75%
|
Call or email me for all your Vancouver Real Estate Needs
www.BarryConnerty.com
www.NewWestminsterRealty.com
www.PlazaEightyEight.com
www.LowerMainlandForeclosure.com
www.MyBCGetAway.com
Posted by Barry Connerty
on November 19, 2009