More good news…. interest rates are not expected to increase til 2013, according to Bank of Montreal.
Really no surprise here. The global economy is not doing well. But here in Canada, the economy is performing relatively well. The only reason our stock market and Canadian $ are down is because of the uncertainty of the European debt crisis.
5 year fixed rates are hovering at 3.39%… and they are even lower for qualified borrowers…. Variable rates are at around 2.60%… We are in record low territory.
Did you know a $300,000 mortgage will carry for as little as $1199/month? Hey, if you’re paying $1400/mth for rent, then why not consider buying place of your own… And for those that want off the stock market roller coaster, a rental property may just be what you need… Best thing is to talk to a Mortgage Broker, crunch the numbers and see how it looks. It’s probably easier than you think.