The Bank of Canada announced today that it is holding the benchmark rate steady for the fourth straight time, noting that “prices for oil and other commodities have declined further and this represents a setback for the Canadian economy”, although “national employment remains resilient despite job losses in the resource sector and household spending continues to expand.” Inflation is also evolving broadly as expected. Taking all of these developments into consideration, the Bank judges the current stance of monetary policy remains appropriate, and “expects the economy’s return to above-potential growth to be delayed until the second quarter of 2016.”
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 March 9, 2016.
SOURCE: BRYAN GUERTIN, MORTGAGE INTELLIGENCE