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OAKVILLE BEAVER Thursday, May 7, 2009 · 18 It's a Great Time to Buy Low interest rates allow for larger purchases When considering borrowing money for a major purchase, interest rates often come to mind. In our economic state, interest rates are at a surprising low making said purchases come much easier. Over the course of almost 55 years, prime interest rates at major Canadian financial institutions have risen and lowered on a yearly basis ranging as high as 21.5 per cent in December 1980, to the present low of 2.5 per cent. The Bank of Canada's interest rates is as low as it will go and will stay there for at least a year, the bank's president says. The lowering of interest rates has helped build up many of the industries that have seen a recent hit. Adrienne Lake Broker/ Manager of RE/MAX Aboutowne Realty Corp. Brokerage feels that is a great time to get into the real estate market. "Interest rates are at an alltime low," Lake explains. On top of the low interest rates, Lake gives many other reasons why it is a great time to buy a house including first-time home buyers incentives, the high inventory of houses on the market, and the fact that it is cheaper to move up because of the decline in house prices. Automotive dealerships are also taking advantage of the low interest rates. More often than not, you are seeing dealerships offering zero percent or 0.9 per cent interest on new purchases, as well as offering longer borrowing terms. Credit card companies are also doing their part to help eliminate some of the economic crunch Canadians are feeling as well as to make purchases easier. Low interest rate credit cards are more widely available today than ever before. Regular interest rates range anywhere from 18 to 29 per cent for department store cards, while the lower rate cards are available from 1.5 per cent above prime to 15 per cent, depending on your credit history. Many companies are also changing how interest is applied to credit card balances, to help customers pay off their purchases faster than they normally would have. There has been a sharper decline in Canadian economic activity, more so than the Bank of Canada had projected. This decline had lead to the lowering of interest rates to help build the economy, however the effects of prior rate cuts will likely not be seen until the second part of the year. The Bank of Canada says, "The target for the overnight rate can be expected to remain at this level or lower at least until there are clear signs that excess supply in the economy is being taken up." WINDOW FASHIONS AURORA 905-713-2862 RICHMOND HILL 905-770-9705 OAKVILLE 466 Speers Rd (Between Dorval & 4th Ln) 905-827-1341 VAUGHAN 905-738-8955 BOL TON 905-951-8400 TORONTO 416-924-5060 toll free: 1-800-346-9501 www.sunshadesblinds.ca Wow Your Guests! experience Formerly PLUM fresh Lady Sofia 341 LAKESHORE ROAD EAST · 905.845.9818 Hors d'oeuvres · Home-made · Heat & Serve We believe that ou ombination of fres easonal ingredient nary expertise, ca rvice, experience a ent planning will ta ur event from ordin to extraordinary. · summer bbq's · grand openings · corporate events · pre and post wedding brunches · ground breakings · private parties YOUR CATERING SPECIALISTS. CELEBRATING 5 YEARS! 905-844-7110 Moving Sale 60 Off All Lingerie & Swimwear Final Markdown %