The Bank of Canada announced last week that it is holding the benchmark rate steady for the fifth straight time, noting that “the low level of oil prices will continue to dampen growth in Canada and other energy-producing countries,” although “Canada’s GDP growth in the fourth quarter was not as weak as expected.”
Global growth is expected to strengthen this year and next, and U.S. expansion remains broadly on track. Inflation in Canada is also evolving as anticipated. Taking into account all of these considerations, the Bank “judges that the overall balance of risks remains within the zone for which the current stance of monetary policy is appropriate.”
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 April 13, 2016.
Get in touch today for help determining whether a fixed or variable-rate mortgage will work best for your situation.