The Chief Economist at Merrill Lynch Canada expects two rate cuts of .25 bps (1/4 of 1%) each
in December and January.
The prediction comes despite the highest inflation in the last five years due to increased fuel costs. However, the optimism is spurred by the fact that oil prices seem to be on a decline finally and inflation is to drop to a more subdue number.
Also, predictions for the Central Bank holding the line on rates in 2008 and 2009…… This is continued good news for all clients who are taking advantage of Variable Rate Mortgages in Canada!
If you’re thinking this might be a good time to renew your mortgage you could be right.
You may want to talk to Nancy Troke of ScotiaBank Belleville, her phone number is: 613-391-7735
or reach her via email at: nancy.troke@scotiabank.com