The Bank of Canada yesterday announced that it will make no change to the key overnight rate at 0.25%. Today’s announcement is largely a continuation of the same themes that the Bank has been talking about for months. They remain committed to keeping rates low until the second half of 2022 and continue to monitor inflation and employment statistics.
Consumers should pay special attention to the next announcement on October 27, which will contain the Monetary Policy Report. This will be released after the federal election so the Bank will likely feel more comfortable speaking about risks and challenges going forward.
Anyone who currently has a variable rate mortgage can expect their rate to remain unchanged until at least the second half of next year.
