No Bank of Canada Rate Change — Dec 4, 2013 — By Peter Paley

                                             
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No Bank of Canada Rate Change

As expected, the Bank of Canada announced today that it is staying the course and not changing the benchmark rate.

The announcement noted that “risks associated with elevated household imbalances have not materially changed, while the downside risks to inflation appear to be greater.” With these considerations, the Bank is maintaining its substantial monetary policy stimulus.

If you’ve got a variable-rate mortgage, good news, the prime rate stays at 3%. The next rate-setting day is January 22.

Eight times a year, the Bank of Canada sets the rate that governs each lender’s prime rate. Variable-rate mortgages and lines of credit move in conjunction with the prime lending rate. Fixed rates on the other hand are based on the bond market.

We can help you decide whether a fixed or variable-rate mortgage will work best for your situation, whether you are looking to purchase, refinance, or renew.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for the unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

4.00%

3.95%

1 YEAR

3.09%

2.99%

2 YEARS

3.14%

2.79%

3 YEARS

3.95%

2.89%

4 YEARS

4.74%

3.39%

5 YEARS

5.34%

3.49%

7 YEARS

6.35%

3.99%

10 YEARS

6.75%

4.39%

Rates are subject to change without notice. OAC E&OE

Prime Rate

3.00%

5 yr variable

2.60%

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

 

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