The Bank of Canada is holding its key rate in Stephen Poloz’s first policy decision since he replaced Mark Carney as Bank Governor. The benchmark rate has not changed since September 2010.
Today’s announcement noted that there will be a continuation of steady rates “as long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively.”
The prime rate for most lenders should stay at 3%, great news for variable rate holders. The Bank's next rate decision is scheduled for September 4.
The fixed rate market is in a state of flux! Mortgage brokers are up to date on all changes and their implications. Contact us to discuss your situation and whether a fixed or variable rate mortgage will work best for you.
Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars.
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