The Bank of Canada Governor Mark Carney announced on March 6'th that the Bank of Canada kept its benchmark interest rate steady at one per cent again but hinted that when it chooses to change it is more likely to raise than to lower it.
The Bank of Montreal is lowering its rate for a five year fixed mortgage. Effective immediately the rate will drop to 2.99 per cent from the current 3.09 per cent.
Other big banks could follow suit.
Last month, Canada Mortgage and Housing Corp. said new housing construction is expected to be lower this year due to moderate economic and employment growth in the second half of 2012.
With Spring around the corner and low interest rates it just might be time to upgrade or to take the plunge and become a first time home owner!