Bank of Canada announced yesterday, it will maintain the overnight interest rate at 1%, which is a 3% bank prime rate. The key indicators for the rate hold, were strong Canadian economic recovery, the soaring loonie, global economic challenges and the disaster in Japan.
There is also indication that the bank will not raise rates at the next meeting on May 31st, instead it will be more likely to occur in July or September when the bank meets. This is great news for all you variable mortgage holders.
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