Discount Building Products - Building Material Wholesalers

Examining Home Mortgage Refinancing Options a Summer Priority For Canadians

Canadians looking at their home mortgage refinancing options should note a sea change in emphasis in the Bank of Canada?s policy focus that is affecting, and will in all likelihood continue to affect, Canadian mortgage markets. Well, perhaps not a sea change, but there has been a decided shift in emphasis amongst Canada?s central bankers from spurring the economy through the use of rate cuts, back to keeping a wary eye on inflation.

The Bank of Canada ended a series of six consecutive cuts to its main interest rate on June 10th when it elected to leave its overnight lending rate at its current 3.0%. (The Bank of Canada?s main rate is the interest rate it charges banks, credit unions and other financial institutions to borrow money for short periods. Banks and other financial institutions peg their prime lending rates on variable rate mortgages to the Bank of Canada?s main rate, while the market for Government of Canada bonds ? which also fluctuates in response to where the Bank of Canada sets its main rate ? tends to set the price for variable rate mortgages.) Recent comments by top officials at Canada?s central bank indicate that the Bank of Canada?s concern has shifted from stimulating the economy to ensuring that inflation in the Canadian economy stays within the central bank?s projections for 2008 and into 2009. Currently Canada?s inflation rate is skirting the top of that projected range.

Bank of Canada Governor, Mark Carney, commented on the potential inflationary threat to Canada?s economy from spiking energy and commodity prices in an interview with Montreal?s La Presse newspaper at the beginning of June. Gov. Carney?s comments presaged comments by U.S. Federal Reserve Chairman, Ben Bernanke, speaking from a meeting of the G7?s central bankers in Spain about rising energy and commodity prices and the threat that rising inflation posed to an already slumping U.S. economy.

Despite such fair warnings, most industry analysts were caught by surprise on June 10th when the Bank of Canada opted not lower its main rate for a seventh time, as most industry insiders had expected. In the press release that accompanied the Bank of Canada?s announcement that it would not further adjust its main rate, the reasons cited for the Bank of Canada?s decision to stand pat were, not surprisingly, higher than expected global growth (despite U.S. market woes) and higher than expected commodity prices. This, at a time when world oil prices were setting daily records on their, as yet, unabated climb.

On July 15th, the Bank of Canada reconvenes to once again examine and perhaps reset its main lending rate. Home owners in Canada with a mortgage renewal decision to make should keep this in mind when considering the most recent comments coming from top Bank of Canada officials.

In a June 19th speech to a Calgary conference on Commodities, the Economy and Money, Gov. Carney observed that ?the best contribution that the Bank of Canada can make to help all Canadians reap the benefits of the current commodities boom is to remain focused on achieving its inflation target.? Similarly, the Bank of Canada?s Deputy Governor. Sheryl Kennedy, in a June 23rd speech on ?Real Estate, Mortgages and Monetary Policy? presented to the Investment Industry Association of Canada continued to hammer home the Bank of Canada?s mounting concerns about inflation. ?The aim of monetary policy in Canada is to keep inflation low, stable and predictable, close to our 2 per cent target for total CPI,? Ms. Kennedy noted.

The most recent numbers from Statistics Canada, released June 19th, show that the consumer price index rose 2.2% in May, principally driven by a 15% rise in gasoline prices. As spiraling gas prices trickle through the economy, hiking prices for food and nearly every other item that is transported by truck, it seems likely that inflation will remain above the Bank of Canada?s 2.0% target, putting pressure on them to raise their main rate.

The best advice for Canadians who are examining their home mortgage refinancing options is to speak to their mortgage broker or a mortgage advisor at their bank or credit union before mid-July when the Bank of Canada reconvenes to consider its lending rate. Given that inflation remains above the Bank of Canada?s target and there appears to be mounting inflationary pressure because of rising gasoline and other commodity prices, it seems unlikely rates are going down in the near term. It seems more likely, rather, given the recent comments from Mr. Carney and Ms. Kennedy, that interest rates could be going up by mid-summer, making now the time for Canadians to examine their home mortgage refinancing options.

If you are a homeowner in Canada with a home renewal decision to make and are considering your home mortgage refinancing options, visit CanadianMortgagesInc.ca for more information from a Canadian mortgage broker, or call 1-888-465-1432 for a no-fee consultation with an experienced broker agent.

MORE ARTICLES:

Home Business And Social Networking. "How To Get 100% Success With Minimum Effort "!
Home Business Secrets With Social networking Discover A Fast Free Way To Drive Targeted Traffic To Your Home Business Website You have most likely heard of social networking, but do you actually understand the real power of using them to drive traffic to your home business websites, and if you were asked to define social networking, would you be capable of giving an exact definition

Women Find Friendship, Support, Advice Online
Women nationwide -and worldwide-are finding advice, support, and friendship in a most peculiar place... online. The latest internet rage, besides the blog, is the online Bulletin Board Community, and a PhenomsOnline (Phenomenal Women!) has joined the fray.

Easy Work From Home Ideas
The ads have been around for years in magazines and newspapers. Now they?ve moved to the Internet. They promise easy work from home ideas, unlimited opportunities and high pay. Unfortunately they usually promised more than they delivered, and the buyer was disappointed once again. There are real business opportunities though. It just takes personal discipline to determine which the best business is for you. An honest and thoughtful analysis of your skills, abilities knowledge and resources is the first steps to choosing an easy work from home idea.

How You Can Compete at an Olympic Level in Your Own Home Business
You either want to be your own boss, or you already are, but either way, you are ultimately responsible for your own success! Thus, the sooner you get out of the job mentality of being told all the answers and being told what you can do, when you can do it, and how you can do it, the sooner you can begin participating as an Olympian in your own Life Changing Home Business Opportunity as opposed to being a passive spectator wishing you could change your life! A ?spectator? will actually pay alot for, ?tickets? to attend the ?Olympic events.? In the business world, ?tickets? are business costs like purchasing advertising for example to Make Money Online and ?Olympic events? represent the spectator?s wishes to build his/her business to such...

Business Loans And Business Cash Advances - Avoid Online Forms
Business owners should anticipate that many commercial lenders will provide an online application for commercial loans and business cash programs on their website It is important that business borrowers understand how to proceed in their search for viable working capital financing and why it is not in their best interest to submit an online application for small business loans

Home Base Business - You Reap What You Sow
There is a truth that has been around for thousands of years And today it is as true as it was back then

Home Awning Information & Ideas
Home awnings are perfect for a wide variety of uses, on windows, doors, porches, and decks Retractable awnings allow you to have fun outside without getting burnt by the sun or overheating

How Coaches Find Clients Online
At a recent networking meeting Jana asked for a recommendation for a public speaking coach. She was starting to speak in front of audiences, and wanted to polish her presentation skills a bit.

Embanet and rSmart Partner to Offer Comprehensive Online Learning Support Solutions for Sakai
The rSmart Group, the leading full-service provider of open source software solutions for education, today announced a new partnership with Embanet, the foremost full service provider of online program design, development, marketing and enrollment and technology support services for postsecondary educational institutions. Together, the two companies will provide a full suite of support options for institutions wishing to power their online learning programs with Sakai, the premier open source course management and collaboration system for higher education. The rSmart/Embanet alliance combines the strengths of these two leading organizations, both of which are committed to providing comprehensive online learning systems via the most powerful...

Sleekhair: Offering Complete Range Of Beauty Products

FundsXpress Endorsed as Preferred Provider of Internet Banking Products and Services by McCoy Myers & Associates, Inc.
McCoy Myers & Associates, Inc. today endorsed FundsXpress Financial Network as a preferred vendor of Internet banking products and services for its 150 community bank clients. FundsXpress and McCoy Myers currently support several mutual customers.

Online Affiliate Marketing 101
First, the basics. What is online affiliate marketing? It's marketing, with a twist. In a way, it can be catered to just about any need that a website owner may have. For example, if you own a website about camping, you may want to consider earning some extra money every month by endorsing, let's say, Lucky X Camping Gear, a fictional camping supply chain in your country. With online affiliate marketing, you place the Lucky X Camping Gear logo on your website, along with a link back to the camping gear website.

The 5 Biggest Home Business Mistakes
Unfortunately the sad fact remains that 97% of home business owners will taste failure! But why is this? Why in an industry which creates more millionaires then any other is there such a high rate of failure? Well the simple answer is that most home business owners have no idea what steps they should be taking in order to be successful and as a result they are simply lost and there are 5 common mistakes that most home business owners will make...

Work At Home - Article Marketing
The new work at home trend is sweeping across the globe with the assistance of the Internet. Whether the work at home business is local or international, it does pose unique marketing problems.

Fast-Growing Promotional Products Company Offers Small Business Owners An Easier Way to Drive Up Sales
The company's catchy saying "BRANDANGO-lize it!" coupled with its humorous marketing of its products and a genuine desire to help others has led to the opening of turnkey affiliate stores in the U.S. and Latin America for www.mybrandango.com.