Anyone thinking of entering the new home marketplace, moving up or right-sizing should really be thinking “sooner rather than later.” It is absolutely incredible that rates are still so historically low. This situation represents amazing savings for borrowing. Over the course of your amortization, even a fraction of a percentage point translates to thousands and thousands of dollars!
Canada is also one of the world’s largest energy consumers, and savvy home buyers and homeowners are placing the dollars they save with our low oil prices into savings programs. They are also continuing to practice vehicle fuel use reduction strategies such as keeping idling to a minimum and using air conditioning as little as possible.
When it comes to mortgage interest rates and oil prices, we all know that what comes down will eventually go up, so take advantage of these low rates now, while you still can.