The Bank of Canada Held it’s lending rate today holding Prime at 2.25%. The employment numbers look great for November but they will need to see a trend first before reading to much into it. Economists think that they will not repeat the 2 premature rate hikes in 1992 and 2002 with an early increase mid next year.

Either way it looks like the rate will not be increasing until next summer or later.

Please contact me if you have an questions about purchasing or refinancing.

“Vancouver and Victoria, especially, are posting near record unit sales this fall,” said Cameron Muir, BCREA Chief Economist.

With mortgage rates ranging from 3.89% to 4.29% for a 5 year fixed in the past 6 months there has been large consumer demand. Unit sales have increased by 20% from 2008 and there is a forecasted increase of another 8% in 2010.

Affordability constraints should help keep the home price inflation down even with the strong unit sales.

To read the full BCREA atricle please go to