Bank of Canada leaves ovenight lending rate unchanged
As expected the Bank of Canada has left the overnight lending rate unchanged for the fourth consecutive meeting. If you have a variable rate mortgage, take advantage of your prepayment options or payment frequency options. Most mortgages allow you to increase your regular payments or change your payment frequency to biweekly or weekly rapid. This strategy should lower your amortization and pay down your principal faster.
Commentary from Craig Alexander, chief economist at TD Bank.