So last month, again, they did the sensible thing and kept the interest rates low. It's a delightful thing to see the Government awake and smelling the coffee!
The Bank of Canada says it will need to keep interest rates at current, stimulative low levels for some time to come, although things weren't that bad in the first quarter of 2013.
As expected, the central bank kept their rate at one per cent, where it’s been since September 2010, helping bring about some of the most favourable borrowing conditions ever for Canadian consumers and businesses.
As well, the bank statement indicated that the current policy position will likely be needed for some additional time, after which Canadians should look for a modest increase in interest rates.
In essence, the bank is saying that the Canadian economy continues to require considerable monetary stimulus in order to keep its head above water. This is good for the BUYERS who want to buy a home soon, because they get a great mortgage rate, plus they can potentially purchase their ideal home for a slightly lower price!
If you are buying a home in 2013, don't miss this truly Golden Opportunity. Send me an email and tell me what you need, so I can keep an eye on the market for you!
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