Monday May 03rd, 2021


The latest Bank of Canada announcement on its key overnight rate was viewed by many as signalling bad news for variable rate mortgages.

While restating its commitment to keeping the rate at the lower bound of 0.25%, the Bank revised its inflation target, forecasting that it would be sustainable by the second half of 2022 instead of its original prediction of 2023.

This means that variable rate mortgages, which fluctuate with the prime rate, are likely to start climbing again in around the same timeframe – possibly halting in its tracks a trend that’s seen those products rocket in popularity over fixed rate options.# SANDI HALPERN # LEASED # SOLD #MORTGAGE RATES

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