Due to slowed growth and economic activity mainly by the USA and China – the bank of Canada has cut it’s key lending rate by 0.25% from 0.75% to 0.5% as a result of Canada’s GDP being half of what was originally projected at 2%.  Due to consumer confidence increasing our Edmonton Real Estate is still strong and homes for sale are selling.  This is excellent news for homebuyers, with plenty of inventory still available and low interest rates now is a good time to buy whether you are a first time buyer, looking to move up, or possibly even move down.  

The energy sector is still lacking but growth is expected from Canada’s non-energy sectors, which keeps us from being hit so hard with the global economies slowed growth.  With the new projection of economical strength of inflation coming in 2017, this leaves interest rates lower than expected for a while longer, especially if you are using a variable rate mortgage product for financing.

Read the full article: Bank of Canada lowers overnight rate target to 1/2 per cent

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Posted by Robert and Shawna Eskiw on

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