The expected 2011 rate increases are already starting to happen. As of tomorrow Wednesday, February 9th all terms of fixed rate mortgages will be increased by a quarter of percent. Higher Fixed Rates impact buyers to qualifying for their desired purchase price. Please call today to secure your rate for 120 days and qualify for your desired purchase price.
The Prime rate still remains low.
The new Government of Canada changes effective March 18th, 2011:
Amortization period reduced to 30 years from 35 years
Reduction of government backing for home equity lines of credit
Maximum refinancing reduced to 85% from 90% LTV