Interest rates hold!

Monday, December 14, 2020   /   by Ernie Arrizza

Interest rates hold!

proposed-design.jpgIf you've been living under a rock for this past year, you might not be paying attention to what is holding this economy right now. It's the interest rates. Money is cheap to borrow, everybody that qualifies is doing so. The interest rate is staying where it is and as the bank of Canada has stated, it will stay there for some time or even go lower. 

What this means... more borrowing, more demand, more debt. Is this a good thing? Possibly. Housing could get out of control and out of reach for middle income people. Debt could sky rocket to a point where people cannot ever pay back. People will further be living on credit and not saving money for a rainy day. 


On the flip side, we are seeing people put away financial help from the government, applying for lines of credit and waiting to use it and applying for loans that will help people stay afloat until this economy gets back to full strength. We are also seeing some people invest in their own properties, move up to bigger properties, and invest in their own businesses that are thriving during the pandemic. 


Right now some people are dreading hearing those words from cp24, the bank of Canada is raising the interest rates! 

  bank of canada, interest rates

Century 21 Kelleher Real Estate Inc.
Ernie Arrizza & Heath Joshi
2155 Leanne Blvd, Unit 259
Mississauga, ON L5K 2K8

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated January 21, 2021
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