Continued low mortgage interest rates offered by the bank of Canada are the topic of discussion in a recent report from the Real Estate Board of Greater Vancouver.
Why are rates remaining low? See below for an exert from the report from the REBGV:
"On September 3, 2014, the Bank of Canada announced that it was holding its trend-setting overnight lending rate at one per cent. The overnight rate has not moved in four years. It’s likely that it will remain where it is for some time yet. Why?
1. Inflation is on target
2. Uncertainty remains high
3. Canadian exports need help from the currency exchange rate
4. Higher exports have not yet translated into stronger investment or hiring
...With these reasons in mind, interest rates are unlikely to rise in the near future. One notable change in language in the September 3 announcement was the removal of any references to a soft landing in the housing market. The Bank said that the housing market has in fact remained stronger than previously anticipated and that risks associated with household imbalances have “not diminished.”"
For more information & to read the whole report, click here.
Do you have questions about the local market & how these low mortgage rates can affect you? Contact me with your questions and I'll be happy to help you understand how low mortgage rates can benefit you as a buyer or seller.
Image Source: Greg Michie
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.