Mark Carney has decided to take a break after three consecutive increases to the central bank’s key interest rate, leaving it untouched at 1%.
The Bank of Canada said the Canadian recovery is now expected to be “more gradual” than it had projected in its July Monetary Policy Report . The BoC has re calibrated it’s estimate of when we can expect our economy to return to normal, stating that we should be running on all cylinders by the end of 2012, not the beginning of that year as was forecast in July.
“At this time of transition in the global recovery, with a weaker U.S. outlook, constraints beginning to moderate growth in emerging-market economies, and domestic considerations that are expected to slow consumption and housing activity in Canada, any further reduction in monetary policy stimulus would need to be carefully considered,” the central bank said.
In expectation of this announcement, many mortgage lenders have already dropped their rates and the rest should now follow given the “gloomier than expected “ outlook of the Canadian economy.
Contact one of our mortgage brokers to discuss the popular 3.49% fixed rate on a 5 year term being offered by one of our many lenders.
And like I was sayin’....
I hate to beat a dead horse an’ all but there’s a great article on Gail Van Oxlade’s blog about the recent changes TD Bank has made regarding how they register their mortgages as collateral charges. Definitely worth a read for further clarification on the impact of taking on a TD mortgage…