The Bank of Canada announced today that is has lowered its overnight rate to 3.0% from 3.5%, signaling that parts of the economy (primarily the export industry) need some buoyancy, while buyers of Canadian real estate continue reap the benefits of even lower Canadian mortgage lending rates. With the Bank of Canada predicting yet another reduction in the overnight rate on June 10th 2008, this year is becoming a phenomenal breakout year if you were ever thinking about moving up or downsizing to your next place and especially for saving big on your first mortgage when buying your first home or condo.
So if you've been wavering on your decision to move or get your own first house or condo in 2008 because of the talk of the "uncertain economy", waver no more because the adjustments being made by the policy makers just happen to give YOU the unfair advantage in the continually active, healthy Toronto real estate market!

Speaking of the general economy vs. the very healthy Toronto real estate economy, the Bank of Canada today actually predicts economic GROWTH this year of 1.4%, 2.4% in 2009, and 3.3% in 2010. Doesn't sound all that bad to me, but hey, I'm no economist. I do however know real estate and I know that real estate in Toronto is in a very good position for you this year, especially for those people who are able to lock in their home or condo at great 2008 mortgage rates.

Here is the link to the Bank of Canada's rate announcement and overall economic predictions: http://www.bankofcanada.ca/en/fixed-dates/2008/rate_220408.html

When clients ask me: "Is it still a good time for me to buy/move? - The economy is supposed to tank...?" I say to them: "Which economy? Do your self a favour and take advantage of the low mortgage rates this year rather than "waiting" it out for "things" to get "better"(?) - and despite what you may think, Toronto house and Toronto condo prices will NOT be any cheaper in 2 or 3 years - so get in now - the ability to lock into mortgage rates this low will not last into 2009/2010.

For info on buying your condo and how to get the lowest 2008 rate contact us at MyCondoNetwork.com anytime - we love helping our clients make great real estate decisions!

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