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Bank of Canada will keep its target rate as-is: Good news for those in a variable rate
– canadamortgagenews.ca
This week even more good news was announced by the Bank of Canada. A press release stated that the overnight rate will stay the same for the time being. This is great news for those with variable rate mortgages.
Only weeks ago, many were speculating on a micro-decrease but that didn’t happen. Now, we saw the media at it again. They were forecasting for a possible Bank of Canada rate increase. Well, this should shut them up.
Since variable rates are based on the Bank of Canada rate, homeowners with variable rate mortgages are in the clear. Since the overnight rate will not be rising anytime soon, those in a variable rate have little to worry about when it comes to their mortgages. And in fact, they are the true winners of these historical low rates.
The commitment is for no increase until 2023, and possibly even longer. Fixed rates may have gone up a little (and I do mean a little), but variable rates aren’t going anywhere. Stay the course and go with a variable rate…that’s my advice…
