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Prime at 2.25%, 5 Year Closed Mortgage at 3%

It may be bad news for the economy in general that The Bank of Canada has cut the overnight lending rate in half--to .25%, but if you are buying real estate right now the picture is much sunnier than it has been for a few years--particularly at the high end of the market.  There is a good selection of waterfront properties available and mortgage rates are LOW, making it an excellent time to go shopping if you are one of the rare humans with cash, who has been sitting on the sidelines waiting for the opportune time to buy.