For the 8th straight time the Bank of Canada has decided to stand pat on interest rates leaving the overnight rate at 1% where it’s been since September 2010.
With the bank acknowledging a deteriorating global economy holders of variable rate mortgages can expect the Prime rate to remain at 3% for some time.
This prolonged period of low cost borrowing continues to have dramatic effects on Toronto real estate. Buyers are able to finance larger mortgages and home owners are taking the opportunity to renovate older, dated homes. The housing stock in many neighbourhoods is improving significantly with lots of construction activity around the city.
If you’re looking for a newly renovated home, pondering the investment benefit of renovations to your current home, or are considering changes to your mortgage contact Spring Realty today.