Bank Of Canada Raises Interest Rates As Economy Recovers
As we were all getting our beauty sleep last night, the Bank Of Canada was busy raising the interest rates by .025%. The lowest variable rate currently at prime -0.70%, the new rate still gives us a rate of 2.05%, still a pretty good rate, allowing for many opportunities. There are talks of raising the rates once again at the end of the year by another 1/2%.
If you or someone you know are considering buying a house this year, this is the time to get out there! There are lots of great properties in Brampton, Ontario, Canada, waiting for someone to grasp the opportunity. Is it you? Perdications are that our economy will be back at full capacity by the end of 2011.
Be prepared, take advantage now!
Bank Of Canada Raises Interest Rates As Economy Recovers
Brampton Real Estate let Al and Peggy Cunningham, The House People help you with Homes For Sale in Brampton and the surrounding area.
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Al & Peggy,
That might not seem like a lot but every penny counts when getting a mortgage! Even if the monthly payment isn't greatly changed, multiplying that by many months & many years... Ouch. Nice of you to get the word to folks.
Even the slightest change in mortgage rates could put a potential buyer out of the game.
Not to potential buyers in Brampton: Get off the fence already and call Al & Peggy!!!
That's interesting, I think the two countries should be working closer together as it seems to me that Canada's market is quite a bit healthier than ours in the US
Al and Peggy sooner or later that same will start to happen here in the States, but I hope it is later than sooner :)
Every bit hurts Irene, that's why we think people should make their move before the next hike!
Thanks Craig and we know where the good deals are too! ;)
The two countries should work closer together Gerry, but like some brothers & sisters they don't want the same thing at the same time.
Yes, later would be a much better scenario George. We are wondering if the Bank of Canada will actually increase the rates again at the end of the year. We are not sure what the pain threshold is for Buyers!!
Al & Peggy, yes it's only a matter of time before that happens here, but I think we have a bit of recovery yet before that's warranted.
Al & Peggy,
A 1/2 point may squeeze the 1st time buyers out. Hopefully those still in the market will-get-while-the-getting-is-good.
Steve
Ouch! But then, we knew that was just around the corner didn't we...
Al and Peggy - As soon as I heard that the Bank of Canada rate increased, I immediately informed one of my friends who hadn't yet heard the news that the rate had increased by 50%! I then informed her that the rate had increased by 200% (yes, you read correctly, two hundred percent) over the past two or so months. She caught on within a minute about my play with statistics. :)
Isn't is amazing how you can have fun with statistics? An increase from 0.5% to 0.75% is the 50% increase. An increase from 0.25% to 0.75% is a 200% increase.
In the grand scheme of things, the interest rates charged by the banks still very close to historical lows.
Nick, we were wondering if our Bank of Canada is trying to send a message to the public that all is good and that is why they are raising rates??
Steve, we are hoping those Buyers will get off the fence and enjoy the savings of the next rate increase the Bank of Canada is proposing for the end of the year.
Wow, there Michael, those are some pecs! Yes, why not right Michael, just keep taxing us.
It is true Marc, these are still close to historical lows, however the buying public have become very used to these lower rates as the norm. You are more talented with statistics Marc LOL!
Al & Peggy, I hope BOC is right and although things are ok here it is not what I would call great. I think employment is still an issue especially with the recent cut back in the space program. Jobs have been lost, but then a few high tech companies do have plans for expanding...but that is not immediate. We really need more jobs or plans to refill lost employment before thing really start to mend...well, that's my opinion anyway.........that and $5 will get you a cup of coffee at Starbuck's!