With the Bank of Canada making its decision tomorrow, there is one thing that you can all be certain about, the overnight target rate will not change, and there will not be any drastic changes to mortgage rates.
The Bank of Canada is expected to keep the historically low rate of 0.25% until the July, in other words, until the middle of 2010.
This is to say, that we will not be seeing any drastic changes in mortgage rates any time soon, the most we can see are increase or decreases of 0.10 – 0.40%, like we have been seeing the past few months.
However, by the time your current mortgage expires, it is likely that the rates at that time will be considerably higher than they are now.
By saying that, the time span I am talking about is 5 years from now. The economy is expected to back on track and moving to better territory by the end of 2012, therefore we can all expect mortgage rates to increase accordingly.
That time is far from now, but we all can agree that time flies by quickly, and when the time does come, we will be looking back on how quickly it went by and what we should have done.
More information on preparing for the future will be provided at a later date, look forward to hearing about it.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
