Today was the last of eight regularly scheduled meetings by the Bank of Canada (BOC). The BOC didn’t raise their Target rate.. no surprise here. With uncertain economic data in the U.S., Ireland and even a little shaky news in Canada, there was no chance of a rate hike.
It’s widely believed that Governor Mark Carney will not raise the rate until March 2011 at the earliest, or maybe even May 2011… possibly later… read more here.
One thing is for certain, the longer things remain uncertain, the longer we will be enjoying these record low rates… Variable rate mortgages can be had at 2.25% and a 5 year fixed is around 3.69%. Borrow wisely…
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.