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During the interest rate announcement on April 12, 2011, Mark Carney, Bank of Canada Governor, left the over night lending rate at 1% which is great news for anyone with variable rate mortgages. There’s also speculation that the first interest rate hike will come in July which will give buyers enough time to get their pre-approvals in place and purchase during the summer.
Real Estate is a seasonal market with highs achieved through the summer and the interest rate hike averted is great news to help sustain the summer market. There were calls for a stable market during the summer which will seem to shift a bit with modest price increases throughout the year. Though we won’t see same price increases as we saw in 2010, we are expected to see upward of 3% appreciation.
There are revisions of GDP growth as well. Toronto Real Estate Board’s predictions for GDP growth are 3.3% in the Greater Toronto Area while Canadian growth is expected to grow by 2.6% to 2.9% per leading agencies such as International Monetary Fund and Central Bank.
For more information about the market or to schedule a time to review how I can help you buy real estate, please feel free to contact me directly.
