Again, Mark Carney and the Bank of Canada has announced they would keep the key interest rate at a record-low 0.25 per cent to achieve its inflation target of two per cent and keep economy going.  This means prime rate is staying at 2.25%.

While the Bank said economic growth in Canada resumed in the third quarter of 2009 it has proved a little less than expected and though there has been a slightly higher than expected rate of inflation in recent months, it reiterated that the economy is still lagging, particularly due to factors like a strong Canadian dollar and low levels of U.S. demand for our manufactored goods.  

As such, prime staying at 2.25% and one of our lenders has increased the discount below prime to .30% below so that is netting out today at 1.95%.  Small drop in fixed rates as well with a 5 year term special closing within 30 days at 3.75%.