The real estate market in Canada depends on interest rates for loans and mortgages and particular on interest rate established by The Bank of Canada. Starting COVID spread in the beginning of 2020 it was reduced and planned to be unchanged till Canada’s economic recovery from COVID-19. Currently it 0.25%.
Based on it other important rate is established the prime rate.
The prime rate, also known as the prime lending rate, is the annual interest rate Canada’s major banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages. The prime rate in Canada is currently 2.45%
Below are important dates set in 2021 to make your decision informed when to invest or plan transaction in real estate:
- Wednesday, January 20* 2021
- Wednesday, March 10 2021
- Wednesday, April 21* 2021
- Wednesday, June 9 2021
- Wednesday, July 14* 2021
- Wednesday, September 8 2021
- Wednesday, October 27* 2021
- Wednesday, December 8 2021
If you looking for the real estate agent in Toronto area please consider my services.
Thanks, Sergey Bogdanets