Just received this newsletter from Paula Siemens of Invis-Siemens Mortgage Group:
Bank of Canada Rates - Big Reduction!
Wow the Bank of Canada made an aggressive rate reduction of .75% today, citing that continued global economic slowdown and recent unemployment figures definitely means a recession for Canada.
This rate reduction will bring down variable rate mortgages and also should have some impact on the longer term rates as the bond markets are likely to rally on this news.
We may not see every lender adjust their rate right away as they have been having difficulty selling their mortgages after the fundings has occurred. But overall this should be a good move for the real estate market.
Enjoy your day!
Need more information?
Paula Siemens -AMP
INVIS - SIEMENS GROUP
902-777 w. Broadway Ave.