As of 10AM on January 20th, 2020, the Bank of Canada has maintained their Overnight Rate. With not much room to decrease any further, it is not surprising to see them hold steadfast in the rate. The good news is that you are still benefiting from the previous rate drops and continuing to save unnecessary interest!

We will surely begin to see more concrete reports on the effect that COVID-19 has had on our economy and communities this year as more data is released. There has been significant government stimulus, however, it is yet to be determined what the outlook on housing and the economy might be. Our prediction is that interest rates are going to remain low for quite some time as the government continues to find ways to stimulate the economy as the vaccine rolls out.

With this in mind interest rates are extremely low well under 2% – if you are starting to financially plan for 2021, whether buying a big ticket item (rental, cottage, vehicle, renovations etc) or renegotiating or restructuring your existing financing needs at these lower rates, reach out and let’s chat.  Let’s see how much unnecessary interest we can save you – better in your pocket than someone else’s!