Latest news from BCREA Economics Now states that Canadian consumer price inflation picked up marginally in February, registering 1.2 per cent year-over following a 0.5 per cent increase in January. The Bank of Canada's core inflation index, which excludes the eight most volatile components of the CPI like energy and food, rose 1.4 per cent year-over-year in February, a moderate acceleration from January's 1 per cent increase. Inflation in BC registered only 0.9 per cent year-over-year in February.
Subdued by sluggish growth in the Canadian economy over the past six months, inflation continues to trend well under the Bank of Canada's two per cent target. As economic growth improves in the latter half of 2013 and into 2014, inflation should gradually move back toward 2 per cent. Until then, we expect that the Bank of Canada will remain on hold and that longer term interest rates that impact mortgage pricing will hold near historic lows.
It looks like it would be a good time to see your mortgage broker and take advantage of the longer term low interest rates.
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