As predicted the bank of Canada has dropped their lending rate by ½ a percent effective immediately. The major banks did the right thing and followed by reducing their rates to 4.75%. It seems that the rates are not about to stop falling as well. I have received many calls from past clients and family that are looking to renew their mortgages and it is widely expected that they will leave their mortgage open at variable rates to at least the summer. The rate drop is great news for buyers in our market as affordability with the higher rates were starting to affect their borrowing power. The introduction of longer amortizations have also been a great help as well.
Please feel free to click on the press release for local press release or the affordability report for all of Canada
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Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage
Filed under: Toronto Market Watch Tagged: | Toronto Market Watch
