No doubt that the recession that hit the markets in 2009 absolutely hit a lot of people hard. One look at my RRSP and I cringe on how much value they have lost. One 'silver lining' though has got to be the mortgage rates. When I signed last July, the posted 5-year fixed rate was 7.15%. I'm guaranteed a builder's rate through TD Canada Trust at the posted rate less 1.25%. So, my effective rate was 5.9% at the time of signing. Here is how my rate has dropped as the markets deal with the recession:
Aug 16: 5.6%
Dec 12: 5.5%
Jan 21: 4.54%
Imagine for those people who signed pre-recession when banks for offering prime less 1%? They would be paying around 2% interest! Crazy!
The federal government also announced in their latest budget that they are increasing the withdrawal limit under the Home Buyer's Plan to $25k from $20k.
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