October 26, 2007
Posted October 31, 2007 12:00 pm.
This article is more than 5 years old.
When asked if the real estate market is feeling pressured to lower interest rates because of the high dollar, Daniel Ellenberg from sellwithdan.com replied, “I think it will happen. We’re seeing the record dollar, a major shift in the Canadian economy. [If you’re wondering] if you should hold off for lower rates, be aware that there’s a variable rate product available on the market. When flat interest rate is reduced your mortgage rate will be reduced as well. If that’s your concern go ahead and purchase and get the benefit of the lower rate.
Scott McLellan from Tridel discussed how buying property in the U.S. is becoming a more attractive option to Canadians with the soaring loonie. “Sixty-five to 75 per cent of properties in the U.S. are probably the same value that they would have been priced two years ago. But we have been getting more and more inquiries about buying in the U.S. recently.”
