The Bank of Canada announced today that it is holding its key rate steady for the third straight time, noting “the risks around the inflation profile remain roughly balanced over the projection horizon. Vulnerabilities in the household sector continue to edge higher while overall risks to financial stability are evolving as expected.” Taking all of these developments into consideration, the Bank judges the current stance of monetary policy remains appropriate.
Looking forward to 2016, the Bank’s outlook is positive saying it expects economic growth to move to a “rate above potential”.
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 next rate-setting day is January 20, 2016.