The Bank of Canada as expected left Prime as is, with no change to the 3.00% rate and signalled that with the mounting negative eceonomic data further increases will likely be left until the Spring of 2011.  Until the US and world economies start to show some increased recoevery numbers, we expect Prime to remain as is.  Meanwhile fixed rates are down and Government Bond Yields that they are based off of are sliding downwards still, meaning there is little pressure for those rates to rise, in fact just the opposite.
   

5 year fixed rates now hover in the 3.59 - 3.69% range with some lenders offering "quick close" specials below that.  The qualifying rate for high ratio variable rate mortgages has dropped to 5.29%.

The Real Estate market remains fairly slow, with more listings and fewer buyers, it is now a full fledged buyers market.  If you had looked at making a move prefiously, you may want to requalify now, as with lower rates you likely qualify for a higher mortgage amount.

Now is the time to have a strategy in place, make sure you have had a chat with us!