No Bank of Canada Rate Change
The Bank of Canada announced today that it is holding its key rate steady at 0.50 per cent noting “the risks around the inflation profile are roughly balanced. Meanwhile, as financial vulnerabilities in the household sector continue to edge higher, risks to financial stability are evolving as expected.” Taking all of these developments into consideration, the Bank judges the current monetary stimulus remains appropriate.
Looking forward to 2016 and 2017, the Bank’s outlook is positive saying “the positive effects of cheaper energy and broadly accommodative financial conditions should become increasingly evident.”
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 December 2nd.
Things are still looking great for the real estate market through 2017. This is great news for the GTA as more foreign money flows in even faster thanks to the lower Loonie. Let me know if I can provide any insights!