Sept. 5, 2018 marks the day of the next Bank of Canada announcement. Economists indicate this week that we most likely will not see any changes as the Bank initially committed to making gradual rate increases. Since we just had one in July of this year, many analysts are confident they will remain unchanged. That being said, Scotiabanks economist is one who thinks that we could see an increase as inflation has grown quicker than anticipated. If you are in a variable rate, you may or may not see an increase next week. We will be reaching out to our current clients that are in a variable to ensure you are comfortable with your rate and current terms.
Stay tuned, you will find our comments to next weeks announcements on Facebook and Instagram and we will have an update out to all clients shortly after. CLICK HERE to read an article from the Financial Post.