The Bank of Canada meets throughout the year to determine what happens with our mortgage prime rate that affects our variable rate mortgages and our line of credits. The Bank of Canada has a team of economists and leaders that will look at the economy and make educated moves upwards or downwards based on their research and predictions.
Lot’s of us were predicting a drop in prime, but it didn’t happen this go around. We stay steady at 2.7% as a lending rate. This reflects the Bank of Canada rate being 0.5% and staying steady eddie for now.
If you are like me and need the full story on how and why….click the following link to see what Dominion Lending’s chief economist has to say (she is brilliant): https://dominionlending.ca/news/bank-of-canada-cautious-about-the-outlook/
Feel free to bug me with a quick call or email if you would like to discuss further about your current mortgage rates and what is the smart move for you.
For now, enjoy the low low rates that are breaking records all the time in the mortgage industry. Happy borrowing 🙂
Thanks for reading,