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No Bank of Canada Rate Change

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The Bank of Canada is holding its key rate in Stephen Poloz’s first policy decision since he replaced Mark Carney as Bank Governor. The benchmark rate has not changed since September 2010.

 

Today’s announcement noted that there will be a continuation of steady rates “as long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively.”

 

The prime rate for most lenders should stay at 3%, great news for variable rate holders. The Bank's next rate decision is scheduled for September 4.

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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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