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Canadian Mortgage Rates Still at Historical Lows!

By
Real Estate Sales Representative with RE/MAXCamosun (Chatterton)

When we were buying homes in the '60's, '70's, and '80's did we ever dream that interest rates would ever be so low as they are currently? I distinctly remember a friend, who was an active realtor in the early 1980's when rates went to 21.5%, making the comment, "We may never see 10% mortgage money again."

Well surprise, surprise! Rates today are at historical lows. If buyers qualify, they can obtain a 5-year closed mortgage for as little as 3.79%. A 1-year closed can be as low as 2.50% as are 5-year variable rate mortgages!

The following link will take the reader to a chart of current interest rates in Canada (provided by Gerry Smith, Mortgage Manager of TD Canada Trust):

https://vaslogin.com/partner/edesigns/preview.asp?idp=66692&id=82024&act=show&pers=12948455&type=1&idto=1,98248

Richard Ruggaber
Metro Life Homes - Los Angeles, CA
California Real Estate - (818) 422-5035

Wow you just brought back memories.  I am a fellow Canuck now living in Los Angeles - I bought a home in 1989 and my second was double digit I am thinking 18 or 19 percent...amazing

Oct 07, 2010 05:11 PM
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good Post Ted and remember they wanted a hudge down payment to go with the high interest rates.

Oct 07, 2010 10:23 PM
Ted Tyrrell
RE/MAXCamosun (Chatterton) - Victoria, BC
Selling Homes in Beautiful Victoria

Richard and Dan, thanks for the comments. Rates, of course, will head up again.

Dec 29, 2010 06:15 PM