Inflation Rate Falls
Last month’s rate of inflation surprised the markets with a decrease from the month earlier and it now sits in the Bank of Canada’s target range. This is providing added support for the Bank of Canada to begin lowering interest rates by late Spring. Mortgage payment relief for many is now in sight.
The inflation rate wasn’t the only thing that fell. Alternate lending mortgage rates also have declined and are down on average 50 basis points. Prime rate mortgage rates have been stable and there are some very good deals now being offered with a 5-year fixed rate below 5%; however, most borrowers should expect between 5% and 5.60% depending on the lender and the type of deal.
All of this is boding well for a very good Spring real estate market. Month-to-date sale volumes are looking strong, new listings are moderate and prices continue to push higher.
Need financing and the bank says no; then contact me. I have a solution to every financial challenge.
ALTERNATIVE LENDING DEALS: APPROVAL WITHIN HOURS
1st mortgages up to 75% financing with rates as low as 9.95%. Fully open.
1st mortgages up to 50% financing with rates as low as 7.99%. Fixed term rate.
1st mortgages up to 75% financing with rates as low as 9.95%. Fully open.
1st mortgages up to 50% financing with rates as low as 7.99%. Fixed term rate.
PRIME LENDING DEALS: APPROVAL WITHIN 24 HOURS
1st mortgage up to 80%:
3-year fixed as low as 5.49%
1-year fixed as low as 6.99%
5-year fixed as low as 5.29%
2-year fixed as low as 6.39%