This past Saturday on the Radio Real Estate Show I suggested that people look beyond just the rate they would be getting on their variable rate mortgage. It is important to look into details such as what the conversion rate would be if you chose to lock-in, is the rate compounded monthly or semi-annually, etc. Too
RBC announced today that effective tomorrow, Thursday October 22, 2009, their Homeline Plan line of credit rate will drop to Prime plus 0.50%. This is a drop from Prime plus 0.90%. “Now, more than ever, Canadians can use a break when it comes to financing what is often their largest purchase – their home,” said
The Bank of Canada today kept the key lending rate at 0.25% as forecasted. However, more importantly it continues to maintain its conditional commitment that they will not raise rates until the second quarter of 2010. This is welcome news to everyone in variable rate mortgages or have outstanding amounts in their lines of credit.
