Bank of Canada lowering rates

Bank of Canada Lowering interest ratesBank of Canada lowering the Canadian overnight loans rates unexpectedly from 1.00% to .75% in response to the fall of the oil prices.

Canada is the first of the group of 7 richest countries to adopt such a measure, and the following is Canadians should expect in regards to their mortgage:

  • Lower mortgage rates. In fact we have received from our lenders new revision of their mortgage rates bringing them to a new low.
  • Depending on the performance of their funds, some Canadians should expect lower expectations in the growth of their wealth.
  • We have also seen some news from oil related companies experiencing massive layoffs due to the fall of the prices if oil
  • The International Monetary Fund has also lower their growth expectations of the Canadian economy and other countries for the year 2015

This could be summarized to an advise to those borrowers who are thinking about purchasing a real estate property to go ahead as soon as possible if they to enjoy the benefit of paying less and being easier to qualify for those with a tight budget, and for those who have being saving in RRSP’s this might be the best time to borrow them towards their down payment

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