Further interest rates cuts likley to attract more Vancouver home buyer's into real estate market
Vancouver first time home buyer's and homeowners looking to refinance their mortgages or buy in the next few months may be happy with Monday's announcement that the Bank of Canada will cuts its key rate to the lowest point since its creation in 1934. Canada's central bank will lower its rate to 25 basis points - 0.25 percent - on Tuesday April the 21st, the lowest it can go.
The bank with the announcement also signalled it planned to keep the rate at 0.25 until the end of June 2010 "conditional on the outlook for inflation". Many were not surprised by the news as the Canadian economy, though showing some positive signs, has not recovered as much as had been anticipated.
First time homebuyer's with this news will continue to be attracted into the Vancouver real estate market as low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years.
For more up-to-date information on Vancouver real estate market conditions or if your thinking of buying or selling a home in Vancouver visit real estate agent Dean Wegman's website at www.deanwegman.com or call 778.668.1478 today.
