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Bank of Canada announces another rate hold

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The Bank of Canada is once again keeping its key policy rate unchanged, although continuing to signal that rates will move higher at some point.

 

The Bank's statement noted that in Canada "although underlying momentum appears slightly softer than previously anticipated, the pace of economic growth is expected to pick up through 2013," and that "it is too early to determine whether the moderation in housing activity and credit growth will be sustained."

 

The prime rate for most lenders should stay at 3%, exactly where it has been for more than 2 years.

 

The Bank's next rate decision is scheduled for January 23.

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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.

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