This week, the Bank of Canada Governor, Stephen Poloz, held rates steady. No increase or decrease. click here for BoC report.
The Bank of Canada meets 8 times a year, at preset meeting dates. The Target Rate is used by Canadian Banks to set their Prime rate. This also affects Variable rate mortgages and even influences short term rates.
Bad news is good news for mortgage rates. Inflation is under 2% (well below the 3% max that is needed before rates climb).. And the Canadian economic outlook is still not strong enough to support a potential rate increase.
So, for now, enjoy the low rates… actually, they’ll probably be around for a lot longer..
Remember, we are experiencing record low rates.. but this doesn’t mean we should all jump into a 5 yr fixed rate product.. We all have different wants, needs and goals.. Speak with a Mortgage Broker to get professional advice.
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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.