As you are know, your variable rate mortgage, lines of credit and/or student loans are all based on the Prime Rate.  Here is an update on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.

On October 25th, 2011, the Bank of Canada did what we expected it to do....they maintained their overnight rate.  What does this mean to you?  This is great news!  This means that the prime rate on your mortgage or line of credit will not change and remains at 3.00%.   You still have a great low rate and so continue to make the most of the low payments you will stil have. Maybe chat with a financial advisor about the TAX FREE SAVINGS ACCOUNT or some RRSP contributions to trigger a potential income tax refund next year!

Based on this recent announcement, it is recommended that you remain with your current variaable rate product as the interest is very much lower than a fixed term rate right now.  The next announcement on any change to the Prime Rate  is December 6th, 2011. 

Therefore, right now is a great time to buy a property or consider refinancing espectially rates can hold for up to six (6) months. My phone direct - 647.822.7665.

 If you know of someone who is looking for advice on their morgage options, my recommendatin goes to - Sarah Makhomet, H.BA,AMP  Principal Broker/Mortgage Broker.  Her phone direct - 647.892.4437.