Bank of Canada urged to hike rates after June

Mortgage News:

News reports are in suggesting that the Bank of Canada should uphold its pledge to keep its key policy rate at 0.25% until July 2010.  Expect to see sharp rate hikes of 50 basis points at every announcement date until mid-2011 however (according to an analysis prepared for the C.D. Howe Institute).    This would bring the benchmark rate to roughly 4.25% (with the assumption of 8 scheduled rate announcements from July of this year to July .

For any first time Buyers waiting to see what will happen to rates - now is a great time to buy.  

For the rest of us who may be on a variable rate mortgage - keep a close eye on news to come.

The Gordon Brothers

Posted via email from thegordonbrothers.ca - Blog - Remax