Season's Greetings!

We noted earlier that Bank of Canada (BoC) decided not to
increase interest rates in December due in part to a weaker energy
sector caused primarily by a sharp drop in oil prices and slower
economic growth overall in Canada in the third quarter as a result
of less business investment and consumer spending than had been

Most economists now agree that the future pace of rate hikes will
slow down while these concerns remain and BoC is unlikely to raise
rates in January.

This is good news for some of our clients who are currently in
variable rate terms. The less aggressive rate hike pace certainly
helps to improve the average borrowing costs on their mortgages.

As we
are approaching the end of 2018, we sincerely wish you all a
Happy Holiday Season and a Prosperous New Year!

Michelle Feng
Owner, Verico Smartymortgage
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