In February many of Canada's banks raised their mortgage rates as investors grew more confident in equity markets and the global economy appeared to be growing stronger. However it's no secret that the tragic events in Japan and the resulting potential for a nuclear disaster have shaken investors confidence all over the globe. These recent events could create serious problems for the global economy.

As a result some of Canada's largest banks are making mortgage change announcements. TD Bank, CIBC, Desjardins and National Bank are dropping their fixed 5 year closed rates to 5.34%, Scotia has announced a drop to 5.29% while RBC decreased their rates to 4.19% and BMO to 4.09%.

Feel free to pass this information along to friends and family who may find it useful, and as always please feel free to contact me with any questions about the Barrie real estate market.

Sincerely,

Peggy Hill

Peggy Hill & Associates Realty Inc. Brokerage

Office: (705) 739-4455