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The Bank of Canada left the Prime lending rate the same, once again, at 1%. It has now become more dovish and said there is just as much of a chance of a rate cut as a rate increase.  This is good for us borrowers, especially those in variable rate mortgages or people thinking of taking a variable rate term. They also stated that it will most likely be 2 years before they start increasing the Prime Lending Rate. 
The reason for their decision is low inflation and even a small chance of deflation.
 
Here's an article from Canadian Mortgage Trends recapping their decision:
 

Tony Marchigiano1-155 Water Street
Mortgage BrokerVancouver, BC
 
cell: 604 505 7109
fax: 604 909 4666

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