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BCREA Sees A 3% Prime Rate In 18 Months

BCREA The British Columbia Real Estate Association predicts prime rate will start rising in the 2nd quarter 2010, and climb 0.75% by December 2010.

It also has an opinion on fixed rates.  It says they’ll “edge up this year and next but remain near record lows by historical standards.”

The BCREA’s forecast calls for a 1/2% increase in 5-year fixed rates over the next 18 months.