Mark Carney, Governor of the Bank of Canada, was recently quoted saying: “The case for adjustment of interest rates has become less imminent". He said this at their news conference earlier this week. He also added that “over time, rates are more likely to go up than not.” There are still headwinds in the global economy that will keep rates low for a while yet. A slowing to the housing market is seen but no bust. This slowing is, in part, due to tougher new mortgage rules. What's unclear is how long this slowing will occur for a by how much as the Bank of Canada also sees Canada's economy in 2013 as robust and to return to full capacity by the end of next year. When will be the best window for opportunity to buy. No one has a crystal ball but a good rule of thumb with real estate is to buy when you're ready!
If you have any questions regarding financing or any mortgage rule changes please do not hesitate to call me directly anytime.
Tony Marchigiano | Mortgage Specialist - Mortgage Sales BC Region, RBC Royal Bank | Royal Bank of Canada | T. 604-505-7109 | F. 778-737-0054
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