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Yet again, the Bank of Canada decided to stand pat when it comes to interest rates. The Bank announced it would maintain its target for the overnight rate at 1% – a decision that spells good news for variable rate holders.

The primary reason for the decision was low inflation – something that is expected to continue for the remainder of 2014. While consumer energy prices and a low Canadian dollar are predicted to put upward pressure on inflation in coming quarters, it likely won’t exceed the 2% target.

On the global front, unusual weather caused slower-than-expected US growth, but the Bank expects the overall recovery to remain on track. Europe’s recovery, while progressing, is still subject to low inflation – and the Russia-Ukraine situation could cause issues down the road. Emerging economies, including China, are growing at a solid rate, but financial vulnerabilities could potentially pose a problem as well.

Overall, the Bank expects global growth to increase to 3.3% in 2014, while Canada’s real GDP growth is expected to average about 2.5%. The Bank is also predicting a soft landing for the housing market as debt-to-income ratios stabilize. Household imbalances are still quite high, though, and wouldn’t be able to weather a deterioration in economic conditions. So hopefully that means interest rates remain low for some time.

The next policy announcement is scheduled for June 4, 2014. In the meantime, if you have any questions regarding your variable rate mortgage – or any mortgage question – please don’t hesitate to call.

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Dan Wowk has been an incredible resource and help for my family's search for our mortgage renewal. His professionalism and timeliness has helped reduce stress and save us a lot of money in the process. I highly recommend Dan and Zoom Mortgage to anyone wanting someone they can trust with their mortgage needs.
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Dr. Freddie So

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Dan thanks again for all your help in renewing our mortgage and setting up the line of credit. I appreciate how you made the process fast, simple and hassle free. Great rate too.
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Mike E. of Oakville

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I just wanted to thank you Dan for your continued professional service over the years on my mortgage with ZoomMortgage. I got the best rate on the market and even with today’s recent low interest rates, I still have a better rate than what is being offered – in fact, my friends can’t believe what you got for me!! That’s why I referred them to you and now they are so happy with your Fast service and the great experience that you have. A BIG thank you from a single mom that was struggling in getting the right mortgage.. YOU ARE THE BEST
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Lorette S of Burlington

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Just wanted to say that Dan is the best! He gets the job done! He is quick, efficient and professional… For any mortgage concerns, call him now!!!!
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Corinne F. of Oakville

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Thanks for getting back to me so quickly. Very impressed.
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Chris of St. Thomas

F.S.C.O. Brokerage License # 11931 - Broker Owner: Dan Wowk: Mortgage Agent #M09000576
Head Office: 2386 Lionstone Drive, Oakville, Ontario L6M 4S9 | Phone: 905-847-0100

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