The news here is no news as the Bank of Canada left the key interest rate at 1% today. Variable mortgage rates follow the direction of the Bank of Canada rate and thus will stay put as well.
Bank of Canada governor Mark Carney has kept the Bank of Canada interest rate steady over the past year to stimulate the sluggish Canadian economy amid the global economic problems of the US and Europe.
With Canada so closely tied to the US economy, the Bank of Canada cannot move the interest rate out of line with that of the US Federal Reserve, which is expected to stay near zero through 2014. In fact, a Reuters poll of 42 economists concluded that there would not be a Bank of Canada interest rate hike until the second quarter of 2013.   Calgary Herald