In the news on January 19th, 2010 it was stated that the government will keep the lowest practical rate of 0.25% until at least the middle of 2010.
In Saskatoon real estate we are still seeing a 5 year mortgage around that 3.99% mark which has been fluctuating slightly, but that seems to be a common rate with several lending institutions.
This means that you can still get locked into a 5 year mortgage for a very good rate or wait a few months with an open variable mortgage and then lock in before the rates start increasing, but beware that in 5 years your interest rates may change substantially so be careful to only buy a house in Saskatoon that is within your means and not at the very end of your means if you don’t have a job that will be giving you a raise accordingly! It is generally best to see a mortgage broker in Saskatoon to get the best rates.
As a realtor in Saskatoon I work with many buyers who have mortgage approval for much higher than they spend. I do have clients who do max out with their pre-approved amount, but they generally know that they will have a second income paying for the house (spouse, room mate, etc) or they know that their jobs are secure and their wage will increase.
Economic growth across Canada is still lagging a bit, but it is expected to be higher than originally expected in 2011. Our high Canadian dollar against the US dollar is hampering Canada’s recovery as exports are less desirable.
Saskatoon is always a bit different than the rest of Canada and our listing inventory seems to prove that people are buying houses in Saskatoon and the Saskatoon real estate market has been seeing a recovery.
Contact me if you are looking for a mortgage broker in Saskatoon to get you pre-approved to buy a house in Saskatoon. I have a few great mortgage brokers in Saskatoon who I work with who will get you the best rates and the best mortgage for your needs.
Kari Calder
Residential Real Estate Specialist
Century 21 Conexus Realty Ltd.
306-653-8222
karicalder@sasktel.net