Great time to go to a VARIABLE rate mortgage!!

Macleans - The Bank of Canada is adopting a neutral stance on the direction of interest rates over the next few years, signalling it may be as prepared to cut the cost of borrowing as to raise it, in light of persistently low inflation and a weaker forecast for economic growth through 2015.

As expected, the central bank announced Wednesday it is keeping the overnight rate which impacts short-term interest rates at one per cent, where it’s been for more than three years.

But removal of the central bank’s so-called tightening bias — in place since April 2012 — suggests at the very least that it’s even less anxious to raise interest rates than a few months ago.

Read the entire article at Macleans.ca:
http://www2.macleans.ca/2013/10/23/bank-of-canada-downgrades-economy-for-next-three-years/