Bank of Canada Interest Rate Announcement

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional stimulus from monetary and fiscal policies continues to provide important support in many countries. The recovery in the major advanced economies is still expected to be relatively subdued, reflecting ongoing balance sheet adjustments and the gradual withdrawal of fiscal stimulus commencing later this year. Despite recent progress, considerable uncertainty remains about the durability of the global recovery. … Continue Reading

Interest Rates At a Historical Low, so what are you waiting for?

For those of you that own a property and have a variable mortgage (myself included), how excited are you about interest rates having been dropped yet again on yesterday by .05% making it 3.25% on a variable rate mortgage and 4.15% on a fixed rate mortgage for a 5 year term, yay!!! Yes, I am now doing my happy dance although you can’t see it

So, now the ? is, what are your plans for that extra cash that is just laying around in the bank, now that the banks are pretty much giving it away for free to try and stimulate our economy? Let’s put it back into real estate, and keep spending going people!! Not that I am biased or anything, I know I am a real estate Broker and all that, so of course you’d think I’d be trying to encourage you to buy now, even though the rest of the world is telling you that the sky is falling.  But think on this a moment, for those of you that have seen this come before. 

Everyone is waiting for prices to drop further, and further until we are at an all time low, but remember the saying “what comes up, must go down”, if you hold on to the theory of waiting for the market to bottom out, you’ve just missed your opportunity, because by the time that happens, and it will, sure enough the market is going to soar and soar quickly.  Then what side are you going to be on?? The side that says you’ve just missed the boat on this one!

This theory has been proven time and time again, so be on the winning side and act now before interest rates climb back up.  Now is your chance to get into the home you’ve always wanted but could never afford.