BMO slashes key mortgage rate

BMO’s decision came the same day that Canada’s biggest banks made it clear they are all but counting out the chance of a major correction in housing prices.

The unspeakable has happened again. It has been a topic of discussion in major Canadian banks that the Canadian mortgage rates are at it's all time low and that the reasonable forecast is that it can only rise from here on. Rising debt levels, sensitivity to interest rates, and changing bond yields defy this motion today. BMO was the first major bank to chop it's 5-year rate, an indication that other large banks may follow. What does this mean for you? As a buyer, you are a more empowered. The COST of borrowing will be reduced and this increases the potential home you are looking at. As a seller, it means demand may increase, but it may also mean other sellers around may list their home-increasing supply. Choose the team that can advise you in this changing real estate market as it gets warm...to the inevitable HOT! 

Don't hesitate for advice. Food for thought to take you beyond homes..