- Bank of Canada Holds rates steady today meaning variable mortgage interest rates will remain unchanged for the next several months. The 2-4 year outlook looks like rates will stay low with Banks offering 5 year 3.29% fixed rates and even 10 year 4.29% fixed rates. Meanwhile variable rates are rising to prime (3%) minus .2% rather than minus 1% as we saw last year.
Could the days of 5%, 10%, and even 15% interest rates in Canada be ancient history?
Low interest rates means more activity in the real estate market but dont fear a US type collapse due to over lending as Canadian Banks have some of the toughest qualifying standards and lending practices in the World. Canada's Banking system is praised World Wide and highly regarded as one of the most responsible systems in modern banking.
- Read more here: http://propertywire.ca/news/national-news/1566-bank-of-canada-holds-rates-steady.html
Bank of Canada Holds Rates Steady
Blog by Stu Bell | December 6th, 2011