The Bank of Canada is staying the course and holding the key rate steady.
The Bank once again stated today that there will be no change to its interest rate policy “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.” Great news for variable rate holders! The prime rate for most lenders should stay at the historically low 3%., exactly where it’s been since September 2010.
The Bank's next rate decision is scheduled for October 23.
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