Bank of Canada Announcement Mar 6th 2013


In an unprecedented move, the Bank of Canada maintains the overnight rate target at 1 per cent. Actually, there is nothing unprecedented about it considering the overnight rate has not moved in over 2 years. Here is the same story from CBC, they did their best to make it exciting, however there is only so much you can do with an announcement stating everything is status quo!

This announcement has little impact on the average mortgage holder except to say that nothing has changed. If you have a variable rate mortgage, the prime rate is still 3% and you will not see a change in your rate.

The next scheduled rate announcement is set for April 17 2013, hold onto your hats here folks, because they are predicting no change at this time as well... I guess all we can do is wait and see!

Considering a mortgage refinance? Lets take a look!

I am wearing a kilt right now. I have consumed coffee today. Family Man. Innovator. Follow me on Twitter @kiltedbroker | Formerly the Executive Editor of the First Foundation #OwnGrowProtect…

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