Bank of Canada Lowers Interest Rates - what does it mean?

Welcome to the Mitten Real Estate Blog, If this is your first time reading our blog we hope you will enjoy the content provided, we have many archived article that you may find informative.  The real estate market in the fraser valley has been quite busy lately especially in the detached sector.  Today we would like to briefly talk about the announcent on interest by the bank of Canada toady.

Today the bank of Canada suprised the markets by lowering interest rates by 0.25%, which leaves the overnight interest rate at 0.75%.  Although this was not an expected move, a number of financial comementators did believe that this could and would happen.

As a general rule this is good news for potential home buyers and those with variable rate mortgages as it means the cost of borrowing money should be reduced.

http://mitten-realty-services.com/blog.html/interest-rates-a-quick-finance-lesson-for-the-savvy-real-estate-invest-3370179

If you would like to see the press release by the Bank of Canada that can be found here:

http://www.bankofcanada.ca/2015/01/fad-press-release-2015-01-21/

If you have any real estate realted questions or questions about anything you see in our blog please feel free to contact us as we are always happy to help you.  You can contact us through this website or call us directly at 604-882-8384 we would be happy to assist you.

Sincerely,

Doug, Bonnie and David Mitten.

(Mitten Real Estate Team).