The Bank of Canada has made the decision to maintain the overnight rate at 1.25% today, meaning no rate increases for our variable-rate mortgage clients! This may very well change if the economy rebounds in the late spring/summer. This rate is typically used to determine the prime rate banks use for lending such as mortgages and even things like vehicle loans or lines of credit. 

Fixed rate mortgages are a different story, however. We've recently seen some increases in our 5-year fixed rates (they're up an average of .1%), since a spike in 5-year government bond yields last week. 

In short, no matter which type of mortgage you're interested in, things are on their way up in the short to mid-term. If you're thinking about a move or refinance, now is a great time to get that application in and lock down your rate. We're here to keep an eye on the rates, so you don't have to!