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Earlier today the bank of Canada announced that it has decided to hold interest rates steady at 1% where they have been since September 2010. In its report the bank of canada notes that although inflation is a bit higher than expected, the current policy is still appropriate and the Canadian economy is showing signs of a broadening recovery even with lower oil prices.
For a real estate prospective a low prime interest rate means that it costs less to finance the purchase of a home which is good news for home buyers and those home owners looking to renew thier mortgages.
If you would like to know more about interest rates and how they affect the housing market please visit our earlier blog post which can be found here:
If you would like to view the PDF report made by the Bank of Canada for this latest announcement please visit this link:
At Mitten Real Estate Team we would like to thank you for taking the time to read this Blog article and if you have any questions about this article or any other real estate realted questions please feel free to contact us we wouls be happy to assist you. We can be contacted through this website or you can phone us directly at 604-882-8384.
Doug, Bonnie and David Mitten.
(MITTEN REAL ESTATE TEAM)