Bank of Canada Increases Interest Rates
Yesterday the Bank of Canada announced that it will increase interest rates by a quarter point to 4.50% to help control inflation brought on by a strong economy and soaring job growth. An article in the National Post stated that it seems the central bank "is not quite ready to commit to more than one more rate increase in the near 
term." Instead they will let a rising Canadian dollar control the loonie and the economy.
What does this mean for today's home buyers. Likely all real estate markets will slow a bit and prices increases may not be as high. Make sure you are pre-approved and that all rates are held for you for as long as possible (usually 90 days). If you can find a lender who will pre-approve you for a lower rate that was available a month or so ago go for it. It could save you thousands. And remember you must complete your purchase, not just have an accepted offer, before the rate expires.
If you need a good mortgage representative let me know.