Here We Go Again!

It's unfortunate that the Media usually reports only the sensational and, most often, negative side of current events and news. The item I am referring to is the Interest Rate announcement by some of the mortgage lenders.

Yes, there will be an interest rate hike but again this increase and more to come are still in the area well below the "norm ". What I mean is that we are enjoying lower than normal mortgage interest ratesand will for some time yet. Interest rates of 5, 6, and 7% would be a normal 25 year low, and we are not even to that point yet. Last fall, 2010, the Bank of Canada increased their rates and caused an almost immediate stall in the economy here in Canada. I recognize that it is a very complex and sensitive business of dealing with a country's economy, but it was a generally felt by the public and industry, that it was premature to increase rates at that time when things were just "starting" to improve.

All of this to say, the media forgot to mention that it is still an excellent time to buy property and that even with an increase, interest rates are excellent, and will be for a few years yet.

Paul Connors

Paul Connors

CENTURY 21 Trident Realty Ltd.
Contact Me