Well... It seems that every cloud has its silver lining. While the real estate market, may be slowing, what a great time to buy as interest rates are lowered yet again.
Bank of Canada reduced the overnight rate to 2.25%, therefore TD Prime rate is now 4.00%. The change will be seen in line of credit lending rates as of October 22nd, and will be reflected in variable rate mortgages as of November 1, 2008.
Bank of Canada's next scheduled overnight rate announcement: December 9, 2008.
As always, I remain available to answer any real estate questions you have.
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