The Bank of Canada kept its target for the overnight rate steady at 1.0% today, citing a worsening global economy for the need to maintain the current level of stimulus.
The bank hinted it may have to keep its benchmark interest rate that low for an extended period, surprising those who have been expecting a rate hike sooner rather than later.
The global economy has slowed markedly as several downside risks have been realized. Debt troubles in Europe continue to have an effect, as does the slowdown in the U.S. and emerging markets. Canada's export-driven economy is heavily dependent on all of those markets for growth.
It was the ninth consecutive time that the central bank has decided to hold the rate. The bank's leaders, including governor Mark Carney, meet every six weeks to discuss where to set its benchmark interest rate. Below is a list of dates for this years interest rate announcement dates.
8 March | 17 April | 5 June | 17 July | 5 Sept | 23 Oct | 4 Dec
Our 10-year mortgage is now available for under 4 per cent.
Our 5-year fixed mortgage is 2.99% and our variable rate is 2.75%
Second mortgages available up to 95%
Commercial mortgages starting at 4.99%
Important Dates 2012
- January 17, 2012