The Bank of Canada announced yesterday that they were holding their overnight rate steady. This means prime rate will remain at the ultra low level of 2.25% for a while yet. What is more important is the bank’s commentary. They reiterated their commitment to hold rates at the current level until the end of the
In one of the most optimistic reports I have read, Central 1 Credit Union is forecasting record sales and pricing on BC housing for 2010. They anticipate sales to increase 30% and the annual median price to rise to a record $391,000 in 2010. The driver of this, as in many reports and forecasts, I
The Bank of Canada today kept the key lending rate at 0.25% as forecasted. However, more importantly it continues to maintain its conditional commitment that they will not raise rates until the second quarter of 2010. This is welcome news to everyone in variable rate mortgages or have outstanding amounts in their lines of credit.
