Delivering you the very best money tips, news, and how-to's in Canada every single week. Wondering how to break up with your bank, how to save thousands on your mortgage, or how the latest economic news affects you? You're in the right place.
Variable mortgage holders can rest easy knowing that their mortgage payments are not expected to increase any time soon. Once again the Bank of Canada announced that they will leave the target overnight lending rate constant at 1%. This means that Prime rates will also stay the same and therefore variable mortgage rates. The Bank of Canada stated the following reasons for holding the course:
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With fixed mortgage rates near historic lows in Canada, one might think they can’t possibly get any lower. Wrong. According to RateSupermarket.ca’s Mortgage Rate Outlook Panel for December 2011, we may see fixed mortgage rates decrease in the short term.
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Are you worried about your job security and well-being? You should be because no one else is. The increased pressure corporations are under to produce and perform with less staff, is creating a nation of exhausted employees saddled with to much work. Is it fair? No. Can we do something about it? Absolutely.
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After nearly plunging the world into the deepest recession it has ever seen, in a matter of a week the leaders of two European nations have resigned. The reason, they can no longer handle the economic issues in their countries that are spiraling out of control. But in the meantime, this is what the two men have left behind.
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With the economy fluctuating and increasingly uncertain, so are holiday shoppers. According to an online survey, faith in the Canadian economy is declining. While 29% expect it to improve in the coming year, 33% expect it to decline further. For this reason, Canadians are planning to cut their Christmas budget in half and focus on new ways to save money instead. According to the same poll, this year’s average Christmas shopper plans to spend $477 on gifts. Of those who intend to shop, 45% plan to shop online.
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Want to know what the outlook is on mortgage rates for the next 30 to 40 days? Our panel of mortgage experts share their views on Canadian Mortgage Rate Trends.
Panel Consensus
February 2012
