The Bank of Canada announced today that it is holding the overnight rate steady after raising it twice this past summer.
The Bank noted that the recent strength of the Canadian dollar has slowed inflation and export growth, and that there is “substantial uncertainty” around geopolitical developments and the renegotiation of NAFTA. The Bank has therefore deemed that “the current stance of monetary policy is appropriate.” Good news for homeowners with variable-rate mortgages and lines of credit. The next rate-setting day is December 6.
IMPORTANT – New Mortgage Rules Effective January 1, 2018. Purchase before year end if you have 20% downpayment, otherwise you may have to buy 20% less home! If you need to pay off large amounts of credit card debt, are thinking of a large renovation, or want to buy an investment property, you should also act before year end. These new mortgage rules will reduce your purchasing power and affect your ability to access your home equity. Get in touch ASAP to understand the changes and review your options!
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.