Quote:
Originally Posted by MoneyGuy
Rates will definitely go up, but probably not anytime soon. The Bank of Canada is on record as saying that interest rates will not increase for 12 months. I met with a mutual fund manager yesterday and asked him about this and he confirmed it.
^ No all first-time buyers should not access their RRSPs. If that's the only way you can do it, then fine, or if it helps you to reduce the CMHC then maybe, but otherwise do not touch your RRSPs. There is the opportunity cost of the money not being in the RRSP.
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5 year mortgages are based largely off the bond market, so although prime will sit for 12 months, its very possible (and has been happening slightly lately) that 5 year rates will creep up as things recover.