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What a difference a month makes. 

In late May, the Bank of Canada (BoC) announced a scheduled rate decision and barely an eyebrow was raised among traders and economists alike. At the time, there appeared to be no urgency to move rates (either way), and most observers expected any prime rate increases would come well into 2018, if at all. Our own take largely reflected this, and we even went so far as to say "...there may be some downward pressure on fixed rates over the next few weeks, especially for the 5 year term". Well, frankly, that prediction is looking very wrong. 

Over the last couple of weeks, and particularly the last several days, there has been commentary from various Bank of Canada officials that imminent rate hikes are firmly on the

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The Details

Once again, the Bank of Canada (BoC) announced it is keeping its overnight lending rate, the targeted rate it charges when Canadian banks borrow, at .5%. Consequently, most banks and lending institutions are expected to keep their prime lending rate at 2.7%, where it has been since July of 2015. 

This is the 15th straight policy meeting where the BoC has elected to leave the overnight rate untouched, surprising nobody; most analysts are predicting the Bank to be sidelined well into 2018. In addition to the rate announcement, the associated press release was light on meaningful commentary (a more in-depth "Monetary Policy Report" is only released every second meeting). 

One development we were expecting to hear about concerns the

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The Details

The Bank of Canada (BoC) today announced it is maintaining its overnight lending rate (that is, the rate it charges chartered banks to borrow money) at 1/2 per cent. This non-action was widely expected, and is the 14th straight policy meeting where the BoC has declined to move what most observers consider to be Canada's most important economic lever. 

Bank of Canada Decision

The overnight rate is a key rate for the economy, as all Canadian banks and lenders tend to generally use this rate when setting their own "prime rates". Prime rates, in turn, affect those borrowers with variable rate mortgages and home equity lines of credit. Most banks have kept their prime rate at 2.7% since the last overnight rate change on the 15th of July, 2015. 

In its

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After months of planning and hundreds of hours of designer/developer meetings, we're very proud to see RateDesk.ca finally go live. In short, whew! 

The genesis behind our new site was the feedback we received from countless client conversations over the last several years. We heard (again and again) that people want reliable mortgage advice, but also transparency and context for their rate choices. Only time will tell if we've delivered, but we think this site is a giant leap in the right direction. 

We realize RateDesk.ca still has much further to go; Expect to see more content containing mortgage strategies and industry news that our clients can learn from. The ultimate goal is to provide written clarity around the mortgage process, with our

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