A Bank of Canada official takes stance on housing bubble. "If the Bank were to raise interest rates to cool the housing market now - when inflation is expectd to remain below target for the next 1 1/2 yrs. - we would, in essence, be dousing the entire Canadian economy with cold water, just as it emerges from recession. As a result, it would take longer for economic growth to return to potential and for inflation to get back to target". Next Bank of Canada meeting January 19, 2010 and rate is predicted to remain constant.
Reminder the HRTC (Home Renovation Tax Credit) is still available until February 1, 2010. For further details go to http://www.findnewdigs.com/Mortgage_Rates/page_2054071.html
Have a great weekend.
Marianne