In times of economic uncertainty, being predictable can sometimes be a good thing.
This morning, the Bank of Canada announced that it will, once again, hold the line, with the overnight rate staying at 1 %. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
Low interest rates appear to be here for a while, but make sure if you are thinking of buying you take advantage of this time to pay down your principle as rates remain low.
You may be able to buy at the end of this year or early next year just before the rates go up, but then you've lost out on the opportunity to pay more down on the principle,which could costs you thousands of dollars.
Contact me if you want to discuss current market conditions or what homes may be on the market that are perfect for you.
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