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The following are some updates from a leading mortgage broker regarding the Lending Rates:
RATE UPDATE: Bank of Canada continues to maintain Overnight Lending Rate
The Bank of Canada has continued to maintain its Overnight Lending Rate at 1%, which has now remained unchanged since September 2010. Although the B of C has improved its growth forecast for the Canadian economy, it is not yet prepared to forestall any stimulus which may be created by the current low rates.
Projections indicated that “the Bank continues to expect that the economy will return to full capacity by the end of 2012.” Although the bank dropped no hints as to its future plans, many economists still hold to their prediction that we will not see any increases to the benchmark rate until July 2011 at the earliest. It is a good time to re-evaluate your current financing situation, there are still positive advantages in considering a variable rate option for any real estate financing proposals, but they must be carefully balanced against the long term considerations.
This announcement will allow the major Banks to maintain their Prime lending rate at 3%. The next Bank of Canada announcement is scheduled for March 1, 2011.
Please feel free to contact Erika at any time should you have any questions as to how you should proceed with mortgage financing plans.
Erika's contact information:
Erika van der Grinten
Mobile Mortgage Specialist
TD Canada Trust
Tel: 604 740 2694
Your Sunshine Coast Mortgage Expert!
This is an important time in the market for buyers. The mortgage lending rules will be adjusted by April making now the time to sit down with your mortgage specialist to learn what options are available to you. Shay and I are available to work together with you to find the right home for you. Give us a call
Barbie and Shay
Barbie 604 741.1239
Shay 604 989.9888
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