TORONTO, ON, September
10,
2009 – The Bank of Canada signalled this morning
that its overnight rate will likely remain at 1/4 per cent until
the middle of 2010.
The decision has implications for the country's economic recovery as
well as consumers, including home owners and potential buyers.
BMO Senior Economist Michael Gregory and John Turner, Director, Mortgages
for BMO Bank of Montreal, are available to discuss the latest news from
the Bank of Canada and what it means for Canadians.
“At least for short term maturities, Canadians won’t be
facing higher borrowing costs, said Mr. Gregory. “It looks like
Canadians will continue to benefit from low rates, and may even see such
rates for a longer period if the Canadian dollar continues to strengthen.”
“With promising low interest rates, now may be a great time to
purchase a home and take advantage of a low rate and ultimately a low
payment," said Mr. Turner. "We can provide clarity around topics
such as making your first home purchase or choosing between a fixed or
variable rate mortgage. Also, for customers who already have a mortgage,
our new BMO SmartSteps can help you take years off your mortgage payment
and save you thousands of dollars simply by changing your payment frequency.”
- 30 - |
