Bank of Canada October updates

Here are the Bank of Canada updates for October

Watch the video to hear the updates for the Bank of Canada.

Don’t feel like watching? Read the video transcript below.

Transcript:

“Hi, it’s Clinton. I’m here today to talk to you about the Bank of Canada. On October 25th the Bank of Canada met and decided not to increase the key overnight rate. As you may know, in 2017 there have been two increases of 25 basis points equaling a total of a 50 basis point increase in the key overnight rate. What does this mean to consumers? The consumers who this impacted were consumers in a variable rate mortgage product or unsecured debt that is tied to the prime rate.

Furthermore, in our opinion, variable rate mortgages are the best solution for consumers for a number of reasons. Historically people do better in a variable rate. Even if you look over the last decades. When the rates were much higher consumers in a variable rate fared better than those consumers in a fixed-rate product. If you feel like this may impact you or you have any questions feel free to call, email, or drop by the office.”

Have more questions? Feel free to contact us!