For those who have been following interest rates for the past few months, it comes as no surprise that the Bank of Canada announced that there will be no changes to its overnight rate.
Despite the fact that Canada’s economy is performing better than most analysts expected, there are still worries about the instabilities in Europe, the weak U.S. economy and decelerated growth in China. The Canadian economy is expanding at a rate of 3.5 percent on an annual basis.
What does all this mean for Mississauga condo buyers and sellers?
Buyers: It is a great time to take advantage of the low interest rates and lock into a 5 year fixed rate.
Sellers: For those looking to sell, consider the fact that it is easier to find qualified buyers while interest rates are still low.
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