Last week’s Bank of Canada interest rate cut caught the attention of potential cottage buyers. Ottawa-based mortgage broker Andrew Thake will tell you that his inbox was flooded with client messages after the announcement. But is the 25-basis-point drop enough to throw in a cottage bid, or should you wait to see how the market shakes out?
Thake says there are two camps. Some experts are saying that inflation and interest rates are set to drop further over the next year, so if you’re thinking of taking out a variable rate mortgage, why not wait until rates are lower, making it easier to qualify for a larger mortgage.
