The Bank of Canada announced that it will hold it's target overnight rate at 1%. Global uncertainty over the European and US economies continue to effect the Canadian economy. The Canadian dollar continues to be strong at $1.01 Royal Bank is offering prime + 1/2% (special offer) effectively 3.5%.
Historically for the last 10 years the variable rate has always been with the exception of Nov 2002 - Jan 2008.
Will this have any impact on the Nanaimo real estate market, it is hard to say. You would think first time buyers would be out looking but the fall has been slow so far. Condos and smaller homes have come down in price and there are lots of good deals out there.