As expected, there was no change in the Bank of Canada press release.

Bank prime remains at 3%. 

This means no changes in variable rate mortgages or line of credit rates.

Fixed rates remain at records lows. We currently have five year money ranging from 2.99% to 3.19%.  Ten year money is ranging from 3.79%-3.89%.

Below are the highlights of the Bank of Canada Announcement:

• Very little change in the “Banks” wording regarding future plans of any rate changes.
• “over time, some modest withdrawal of monetary stimulus will likely be required.”
• The pace of economic growth is expected to pick up through 2013.
• While household debt burden continues to rise, growth in household credit has slowed    
• Modest growth is still expected in the Canadian economy

Click Here to Read the Full Announcement

The next Bank of Canada Announcement is scheduled for January 23rd, 2013

Bank prime is 3.0%

-Cory Kline (705-794-1283)