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Industry News

 BoC Decision: Pleasantville for Variable Mortgagors: It’s so great to have our friends at CanadianMortgageTrends.ca help us out with what the BoC decision all means. Here is a great excerpt from a terrific article they published this week title “” (click here to read the whole article):

Today’s Bank of Canada (BoC) interest rate decision was reassuring for variable-rate borrowers.

·         The Bank announced that Canada’s key lending rate will remain just 75 basis points above its all-time low.

·         The Bank suggested its next move is just as likely to be a rate cut as a rate hike.

·         It said the risk of falling inflation “has grown in importance” and that inflation won’t rise back to its target for “about two years” (suggesting even less chance of a prime rate increase through 2015).

Even if inflation does return to its 2% target, that alone isn’t enough reason for the Bank to raise rates.

So essentially, it’s Pleasantville right now for variable-rate borrowers, with no hikes in sight.

Source: www.canadianmortgagetrends.ca, written by Rob McLister

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