On the morning of Sept 8th, 2010 the Bank of Canada raised its overnight lending rate by .25% to 1 percent. This move was somewhat expected by many economists, but unwanted by politicians and consumers. The rate increase affects what interest rates banks and lending institutions will charge on loans to consumers and businesses. This means payments increase on everything from variable mortgages, lines of credit, student debt, to car loans.
Canada and Australia are the only two countries to raise their national lending rates since the economic collapse in the middle of 2008. Rate increases were primarily to cool off inflation and what seemed like a rapid recovery. With a stabilization in the real estate market and mixed economic data, the BofC is expected to halt further rate increases until the second quarter of 2011.
About wojciechpianka
After a few years of studying English and History at the University of Toronto, I decided to transfer to Ryerson University and pursue a Bachelor of Commerce degree. While studying, I worked various jobs where I acquired many skills. Starting as a teller at Scotiabank, I moved on to being a manager of a restaurant, admin staff at a medical clinic, a sales agent for INGDirect and a manager at One King West Hotel. While all these jobs challenged me, I never felt my potential being utilized. Finally in 2008, I completed the Ontario Mortgage Agent Course and signed up with The Mortgage Alliance Company of Canada. This was a great decision, as it allowed me to use the skills I learned working to help people achieve their real estate and financial goals. My passion for real estate and numbers has lead me to becoming a mortgage agent. Growing up in New York City, I always had a fascination of historic buildings and skyscrapers. At 21, I bought my 1st property and have been investing in real estate ever since. I firmly believe thru steady, safe and conservative investing a one can obtain long term financial wealth. One day, I hope to develop the same buildings I help clients purchase.
Greater Toronto Area Mortgages and Real Estate 