Bank of Canada did not raise prime

The Bank of Canada met this morning and, to no one's surprise, the prime rate has remained unchanged. Although the economy is looking promising, it has not recovered enough to merit an increase in the prime rate. There are concerns about the Canadian dollar as well as the trade deficit from the Spring. We are not expecting any change to the prime rate for about another year. No change in the rate means that if you have a variable rate mortgage or a line of credit, your rate will not be changing. I suggest paying more than the minimum payment on variable rate mortgages because every extra dollar goes straight to the principal. This means you pay your mortgage off faster and, when rates do go up, if you wish to lock in a fixed rate, the mortgage balance will be lower. Ask me how to arrange extra payments today and I will be happy to help! If you are looking for advise about a new or current mortgage, please call me today!