Here is another very informative mortgage up-date from Chantel Chapman and the The Integré Mortgage Partners Team.
“For the last 16 months, Bank of Canada has maintained it’s key interest rate. This means that bank prime should maintain at 3%. This is the longest stretch on record that the Bank of Canada rates have not changed. The ratio of the household debt to income is projected to continue to rise and the outlook on the global economy has deteriorated even further since October. The economy is only anticipated to return to full capacity by the third quarter of 2013, which is a little earlier than anticipated. In the meantime, it doesn’t look like the Bank of Canada intends to increase they key interest rate until 2013, however, reading between the lines, it doesn’t look like the rate will be dropped either.
The next Bank of Canada rate meeting is March 8, 2012. There is very little chance that the rate will go up at this meeting and only a 12% chance that the rate will be dropped.
From a mortgage standpoint, the immediate result of all this is that prime rate should remain at 3.00%. That means payments stay the same for existing variable-rate mortgage holders.”
With rates staying at all time lows now is a great time to get into the market or move up. If you are thinking about buying or selling call me today!
Century 21 In Town Realty