08 Mar 2012
Bank of Canada Stands Pat on Rates – For Now
In an update to yesterday’s Mortgage Minute, Spring Realty Mortgage Expert Lee Welbanks had this to say:
“To no one’s surprise, the Bank of Canada left rates unchanged this morning. That means prime is still at 3%, where it has been for the last 18 months. They did leave the door open for an increase sooner than originally expected. If things continue to improve both domestically and internationally, then the need for continued stimulus is reduced and a rate increase could happen before the end of the year.
The Bank of Canada did note that household debt continues to be the major threat to the domestic outlook. This is echoing earlier sentiments and concerns that the government may step in to change mortgage rules so as to reduce the level of indebtedness that Canadian households are undertaking. We expect more news on this before the next budget is announced on March 29th”
Guess what? BMO is back with their 2.99% 5yr Fixed rate. Check out the full details to see if it’s right for you.
Lee Welbanks is a Mortgage Broker with The Mortgage Centre and trusted Spring Realty mortgage expert. To learn more about your funding options please Contact Lee today. Lee will be posting these informative “Market Minutes” each Wednesday for you to enjoy. Please remember to subscribe to the Spring Realty Insider list to receive new blog post notifications, featured properties and insider access to Toronto’s hottest new developments.
