The Bank of Canada is once again keeping its key policy rate unchanged, noting that with weak economic growth and muted inflation our historic low rates "will likely remain appropriate for a period of time." There is now less concern about household debt levels, with the Bank noting that it "expects trend growth in household credit to moderate further, with the debt-to-income ratio stabilizing near current levels."
The prime rate for most lenders should stay at 3%, unchanged since September 2010.
The Bank's next rate decision is scheduled for April 17.
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