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Blog by Anthea Poon

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Interest Rates on the Rise...again

On April 14th, the Royal Bank of Canada & Bank of Nova Scotia raised it's 5 year fixed interest rates by 0.25%.Their posted 5 year rate is now 6.1% and other lenders are expected to follow suit as the second rate increase in 2 weeks! On March 30th, lenders fixed rate increased between 0.40% to 0.60% accross Canada..   

Here are more details as per the Financial Post:
Due to the new mortgage qualifications commencing April 19, 2010, qualification for a mortgage will  be based on this higher 5 year posted rate as well.   This means Buyers will be approved for possibly a smaller mortgage amount which will therefore cause prices to stabilize later this year. Call me to discuss for the implications for both Buying and Selling.