The Bank of Canada’s key interest rate remains unchanged at 0.50% as the Bank takes on a more dovish tone for the short term.
This is partially due to the disrupted oil production in Alberta as well as the slower-than expected recovery in the manufacturing sector and the recent rising Loonie.
The current rate is expected to stay where it is well into 2017, depending on economic conditions in the United States, the direction of global oil prices and the impact of new federal stimulus spending. I will keep you abreast of any changes in the meantime.
For those of you with variable rate mortgages your payments will remain unchanged.
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This article belongs to TMG The Mortgage Group website