As you may now be aware, the Bank of Canada dropped their rate by 50 basis points yesterday bringing the prime rate down to 3.00%, which lenders are quickly matching.
This is the lowest the prime rate has been in history, which adds to the opportunity homebuyers have to purchase new property in this market, and for existing homeowners to refinance their existing mortgages. Lenders have already begun lowering their 5 year fixed rates to as low as 4.39%!
These new rates could be enough to change a homebuyers attitude and potentially spark them into taking action. By keeping your attitude positive, you put out a positive vibe which is picked up on by everyone speak with, particularly your clients.
When people around you pick up on your positive vibrations, they will be more inclined to make the that buying decision.
A great way to maintain a positive attitude is to set aside an hour a day to read books on success, which can do wonders for your thinking patterns.
Some books I highly recommend include:
- Think and Grow Rich by Napoleon Hill,
- Think Big and Kick Ass by Donald Trump
- Secrets of the Millionaire mind by T. Harv Ecker
- The Power of Now by Eckhart Tolle
- Awaken the Giant Within by Anthony Robbins
Another great program is "Six Minutes to Success". This program is produced by Bob Proctor who you may know from the documentary 'The Secret'. If you have not seen 'The Secret' I highly recommend purchasing the DVD.
There is great opportunity out there, so let's take advantage of it! Now IS the best time to buy house! The lowest 5 year fixed rate again is 4.39% and the lowest variable is 3.80% (prime + 0.8%).
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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