At the Bank of Canada's (B of C) last meeting they finally dropped the hint that the Prime rate will be going up. This is something they've been warning and hinting at for the last 18 months and actually prior to that. There is just as much chance as a rate drop now. This makes the variable rate mortgage a little more attractive as Prime rate affects variable rate loans and mortgages.

 

Here's the full article from Canadian Mortgage Trends: