MORE Good news for Homebuyers!!
As expected, the Bank of Canada has dropped its key lending rate half a percentage point to a record low of 0.5 percent in its latest move to stimulate the economy.
Shortly after the announcement, Royal Bank, Bank of Montreal, TD Bank, CIBC and Scotiabank announced that they would cut their prime rates by half a percentage point, in step with the central bank. The lower prime rate will fall to 2.50 per cent on Wednesday.
The Bank of Canada's next interest rate meeting is April 21, 2009.
This rate cut along with the measures in the governments January Budget are expected to increase consumer borrowing. Many consumers will be re-financing their mortgages and it will spur a lot of first-time buyers.
The Federal budget provides $750 in tax relief for first-time home buyers and also increases the limit that can be withdrawn from RRSP's for a down-payment to $25,000.
If you need help getting pre-approved, give me a call. I have access to Mortgage Brokers who provide the best terms and rates based on your needs.
Sincerely,
Sara Kareer
Sales Representative
Century21 Millennium Inc., Brokerage
(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com
(web) www.century21.ca/sara.kareer
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