Bank of Canada leaves rates at !% due to strength of loonie

The bank of Canada has decided to leave overnight lending rate at 1%...for now. The next date to watch will be Jan 18 2011. This announcement should allow the banks to keep mortgage rates the same however banks do not always follow the bank of Canada. If you are looking to buy in the next few months I would recommend you see your mortgage broker and get a rate lock for 120 days. The American banks have also held there rates and the tax cuts to assist stimulating the economy. They say if the US sneezes Canada gets a cold... but I can't help but think they will continue to be in far more trouble than Canada. Our banking policies have always been tighter and more responsible. If and I say If my feeling is correct interest rates may stay low for some time. I am not however a fortune teller so I guess time will tell.