The Bank of Canada is setting a record, keeping the BoC rate the same at 1% for the 16th time in a row.
The next meeting is scheduled for March 8, 2012. For mortgage holders, this means the Prime Rate of interest will stay at 3.00% until March for sure and likely beyond that.
Economists whom have studied the results of the BoC meeting feel the BoC is likely to leave the rates unchanged again the next time around. An interesting (but not surprising) prediction from the meeting indicates consumer spending and housing activity will continue to rise with the low financing rates available.
We are very fortunate in Canada that our banking system has remained secure. Given the economic downturn world-wide, this is a true accomplishment.
Melissa McEvoy, Operations Manager with the Bob Hanscom Mortgage Agency
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