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Earlier this month the Bank of Canada lowered its key interest rate by .50% to 4.75%. Economists expect another modest trim in rates in June. This may be the end of the line for rate cuts, especially if credit conditions begin to stabilize. With continued growth in the Canadian economy, moderate growth in domestic demand and high employment levels, the balance of Canada's economy has been offset by the fall in the net exports.

How does this effect borrowers? Consumers with variable rate mortgages, lines of credit and home equity lines of credit mortgages will continue to be positively affected by the reduction in rates.

This is great news: Money is on sale, lenders have extremely flexible products to suit most every client and amortizations have been extended to 40 years making home purchasing for primary residences, vacation or investment properties more affordable.

If you are looking to purchase, want to check if changing from a fixed rate to a variable rate mortgage makes sense for you, please give me a call to determine your best course of action. 604-649-5991 or toll free 1-800-687-9020 Helping you and your family secure your financial future is my greatest reward.