Super-low borrowing costs: What bank governor Stephen Poloz’s recent statements mean for home buyers

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Photo: Culips.com

Canadians can expect to enjoy low borrowing costs for quite some time and that’s even after the economy returns to full capacity. Bank governor, Stephen Poloz made this statement towards the end of this month, giving Canadian home buyers a chance to plan their home purchases with more critical information in hand.

Today, we examine what you need to know about Poloz’s recent interest rate forecast.

According to the bank governor, it will likely take until early 2016 for the economy to be moving in full-swing and inflation to go back to two per cent, yet when it does Canadians shouldn’t expect a sudden increase in interest rates to fight inflation.

Does this mean Canadians will now go on a home-buying spree? Not necessarily. Poloz says more Canadians are making responsible choices when it comes to home buying. Canadians are choosing homes they can afford.

A key factor in the home buying process, is the sales agent. Home buyers wanting to make the best purchase according to market conditions, should work with a sales agent that listens to their particular needs and budget allowances, and then provides home options that meet those requirements.

Posted on April 30, 2014, in Buying a Home and tagged , , , , . Bookmark the permalink. Comments Off on Super-low borrowing costs: What bank governor Stephen Poloz’s recent statements mean for home buyers.

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