The Real Estate Council of Alberta (RECA) is the independent governing authority for Alberta’s real estate brokerage, mortgage brokerage, property management and real estate appraisal professionals. Anyone representing buyers and sellers must be licensed with them. You can easily search their website to check that your professionals are licensed.
Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.
The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.
The next rate-setting day is October 22nd.