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No Bank of Canada Rate Change

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The Bank of Canada announced today that it is holding its key rate steady at 0.50 per cent as “the stimulative effects of previous monetary policy actions are working their way through the Canadian economy.” The Bank had cut the benchmark rate twice earlier this year as the economy faltered with falling oil prices.


Great news if you’ve got a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest cost funds. The prime rate will likely remain unchanged. The next rate-setting day is October 21.

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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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