Bank of Canada Lowers Prime Rate Again to 0.50%. This Should Help The Edmonton Real Estate Market!
Today the Bank of Canada lowered the prime rate to 0.50%. I expect that this will soon show up as lower mortgage rates, especially for the people who choose variable rate mortgage option. This is awesome new for home buyers.
With mortgage rates at historical low level it actually makes mortgage insurance company like CMHC and Genworth a little concerned, and is why the recently increased mortgage insurance premiums with people buying with less than 10% down.
“Low mortgage interest rates are good news for affordability” said CREA (Canadian Real Estate Association) president Pauline Aunger, explaining that the lower cost of borrowing could prompt man buyers to come off the sidelines.
I agree with the president of the CREA that we should see an increase of buyers coming on the market to take advantage of these low rates. Smart buyer will definitely be taking advantage of this.
If you want to take advantage of the low interest rates to buy a home contact us here at FindMyHouse.ca for a free buyer consultation to see what you might be able to buy in today’s market.
written by Serge Bourgoin, Senior Managing Partner at Team Leading Edge and FindMyHouse.ca
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