GDP contracting by 1.1% in Q3 while inflation eased to 3.1% in October, so the BoC as expected left Prime rate as is when they met this past Dec 6/23, which means that Bank Prime remains at 7.2%. It hasn’t changed since July and although Prime hasn’t changed, the Bond market is falling fast. This means fixed rates are coming down. 5 year fixed rates in particular are down to almost to under 6% which is great news! Fixed rates will likely move further downwards in the next few months and many Economists are predicting that Prime and therefore variable rate mortgages will start going downwards by mid to 3rd quarter next year. If you or someone you know are in the mortgage market, speak to a professional from Lotus Loans & Mortgages Corp. so that we may advise you of best choices based on your unique situation. Most banks sell the product that is most profitable to the bank, so we at Lotus Loans & Mortgages Corp. are happy to offer a 2nd unbiased opinion.