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There has been talk that tomorrow may represent the first day the Bank of Canada chooses to raise the lending rate which as a direct impact on variable interest rates. The election is over so no political fallout will result from this decision. We know the government would like to see rates return to historical norms. The question I have is what has changed in our economy that suggest now would be a good time?
I am fortunate to have on my staff Bob Woodley who I consider my interest rate guru. Bob follows the bond market which has a direct impact on fixed mortgage rates. Bob’s predictions on where fixed rates are headed are uncanny. It is cool to know” in advance” what is going to happen to long term rates as it gives our clients the ability to react accordingly. Something as simple as” locking in” when rates are about to increase could save the clients thousands of dollars.
We welcome your comments.