Friday, August 29, 2008
Canadian Mortgage Rates Heading Lower?
Well, we saw the GDP numbers today and the Fiance minister called a scrum right away to say everything is going good. The reality maybe is that technically Canada was in a recession in the second quarter. This means we should be seeing the mortgage rates and pime rate heading lower. Consumer spending is also down. To get all of us to open the wallets, we need to instill the confidence that borrowing costs will remain low. Look for the prime rate to drop .25% at the next meeting.