Bank of Canada leaves overnight lending rate unchanged
Really no surprises here. The bank of Canada decided yesterday to leave the overnight lending rate the same. Originally I was going to give you a bunch of statistics but at the end of the day you probably don't want them. If you do go to this link.
Really no surprises here. The bank of Canada decided yesterday to leave the overnight lending rate the same. Originally I was going to give you a bunch of statistics but at the end of the day you probably don't want them. If you do go to this link.
http://www.bankofcanada.ca/2016/10/fad-press-release-2016-10-19/
Basically, due to the current economic state of our country it has been decided that it would be best for the overnight lending rate to stay the same. I don't foresee any changes to this rate until at earliest 2017. With that, it is my opinion that variable rates are a pretty safe bet. It is possible that variable rates could rise due to upcoming rule changes.
Now on to fixed interest rates, recent changes to the rules for Canadian Mortgages are now in effect making it more difficult for people to qualify for the purchase of a home with less than 20% down. As you may have heard there will be further restrictions that will come in to play in November. That is important because some of the restrictions that will be imposed on to the lenders are going to increase costs which in turn will be passed on to you. Fixed interest rates will be on their way up when these rules changes take effect.
As always.. for more information please don't hesitate to contact me.
Save the Date
Basically, due to the current economic state of our country it has been decided that it would be best for the overnight lending rate to stay the same. I don't foresee any changes to this rate until at earliest 2017. With that, it is my opinion that variable rates are a pretty safe bet. It is possible that variable rates could rise due to upcoming rule changes.
Now on to fixed interest rates, recent changes to the rules for Canadian Mortgages are now in effect making it more difficult for people to qualify for the purchase of a home with less than 20% down. As you may have heard there will be further restrictions that will come in to play in November. That is important because some of the restrictions that will be imposed on to the lenders are going to increase costs which in turn will be passed on to you. Fixed interest rates will be on their way up when these rules changes take effect.
As always.. for more information please don't hesitate to contact me.
Save the Date
The Bank of Canada's next meeting date is scheduled for December 7th, 2016.
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Average List Price: $571,504
Active Listings: 15,756
Recently Sold Properties: 1,895
Annual income required:$109,742.59
Based on minimum down payment. O.A.C. For Information purposes only.
**To see what you qualify for contact me**
Buy a House in Airdrie Now
Average List Price: $430,211
Active Listings: 249
Recently Sold Properties:
Annual income required:$79,875.29
Based on minimum down payment. O.A.C. For Information purposes only.
**To see what you qualify for contact me**
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