In the first announcement of 2019, the Bank of Canada pulled back on it’s original intention of increasing rates and instead left the overnight rate where it was.
While the talk-track hasn’t changed, the BOC still wishes to increase rates, it’s been acknowledged the economy isn’t quite ready for that and we’re likely not going to see any increases until the 2nd half of this year.
WHAT DOES THAT MEAN FOR YOU:
THE BUYER WAITING: Now is the time! Rates are low, prices have softened, get out there – throw your hat in the ring and make an offer!
THE OWNER WITH A VARIABLE RATE: Nothing new for you – your payment/rate/schedule will remain the same! But now is a good time to throw down a few extra payments if you can!
THE OWNER WITH A FIXED RATE: No change for you!
As always – if you ever have questions about your current mortgage or if you’re looking for a new one, be sure to give me a call!
Rebecca Casey, Mortgage Professional
604.833.8938
rebecca@customcoastmortgages.com
