In a surprise move, the Bank of Canada has lowered key interests rates. Markets had been bracing for a raise in the rates, so the move came as a shock. The drop of oil prices spurred the move, as did the lowering of the loonie exchange rate. The Bank of Canada said they were doing this as "insurance" for the Canadian economy. This will, of course, affect the prices of mortgages across Canada. As the price of a house in Vancouver doesn't seem to be going down, this is great news for anyone in the market for house - or anyone in the market for someone to buy their house! If you have any questions on how this change could affect you and your decision to buy or to sell, please give us a call: 604-255-7575.
January 21, 2015
Bank of Canada cuts key interest rate