On January 17th, the Bank of Canada (BoC) is going to make their first policy interest rate announcement of 2018. Canadian businesses are positive about the economy’s outlook and plan on making investments and hiring in the new year. In addition, the unemployment rate hit its lowest level in history. Many believe that these factors coupled with a labour shortage may cause the BoC to raise interest rates. If rates rise, consumers looking for a mortgage will be hit with a double whammy, rising rates and tougher mortgage qualification rules that came into effect January 1st. Take note, there are mortgage options available to you when purchasing a home, refinancing or renewing that can help you come up with a strategy that deals with these stages.
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