HereIt’s an exciting time if you are in the market looking for a home especially since the Bank of Canada has lowered its Prime Rate. The banks are now offering new mortgage products and the expectation is lower mortgage rates.
Before Bank of Canada cuts its prime rate we were probably expecting a more subdued housing market given a lot of economic uncertainties and our low dollar, but now that we have the lower mortgage rates it is presumably going to fuel the housing market here.
It will now be relatively easier to qualify for a 5 year fixed as compared to before and with a combination of quite low mortgage rates and cheaper gas prices, it is going to be much more affordable for some of the buyers to go for a home.
This news is great for renters who can now come out and purchase a home and pay off their own home rather than paying another person’s mortgage. A great time for buying your very first home!