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No Change to the Bank of Canada Rate!

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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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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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