The next Bank of Canada meeting is on Tuesday, December 6th. Without going into too much detail, The Bank of Canada is expected to either leave the benchmark rate the same at 1%, or they may even lower it. It is more likely they will leave it unchanged at 1% until late 2012, barring anything super crazy happening with the economy.
What does that mean for those with Variable Rate Mortgages, it means that Prime will likely stay below 3% until at least 2013 so you can ride the low rate wave for another year. Yay!
Of course, I have to insert the caveat that the above is just my opinion and I do not have a crystal ball. Here is the full article on “Reading the Bank of Canada tea leaves“.