Latest figures show inflation jumped 2.4% in October according to Statistics Canada… compared with 1.9% in September. The Bank of Canada aims for an inflation rate of between 1% and 3%. Anything over 2% can trigger the Bank of Canada to take action… Usually, a hike in the Bank of Canada Rate, which affects Variable Rate Mortgages..
However, it’s no reason to panic. A one month inflation spike probably isn’t enough for the Bank of Canada (BOC) to take drastic action. It’s probably gonna take consecutive months of higher inflation or other events before the BOC raise rates again. Most experts believe the Bank of Canada will not make any changes til next year.
Throw in some Global issues like Ireland’s’ debt and the Korean conflict heating up and you get uncertainty… Uncertainty means rates should stay low for some time…
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.