Bank Of Canada Historic Move

The bank of Canda took a new direction in the marketplace. They effectivly have said prime rate will not be changing for one year. Prime is now set at 2.25% and the BOC rate at .25%. these rates are both the lowest in the history of interrst rates in Canada. What does this mean to the mortgage world. Clients you have variable mortgages below prime are in excellent postion and will now be enjoying rates of 1.35-1.50%. We now have the lowest 5 year fixed rate at 3.75%. this has created great affordability in the marketplace for all canadians.