Saturday, June 13, 2009

1.65% Mortgage Rates

We have a few prime -x% mortgages, they are hard to find now, and we are seeing mortgage rates as low as 1.65%. This is historic people in my generation and probably all across the board have never seen mortgage rates this low. Ever.

For first time buyers there couldn't be a better time to buy. Alberta's market is about as soft as it's going to get. Though seasonal rises in prices are sure to be a factor, prices and sales are starting to increase. This is even truer for those who are able to invest in property. People are definitely seeing the silver lining to the economic cloud.

Many economist believe that the recession in Canada will start to reverse near the end of this year. I wouldn't expect prices to rise quickly but why not try to buy at the bottom of the market rather than in a rising one?

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