Bank of Canada announces another rate hold .
The Bank of Canada declared earlier today it is once again keeping its key policy rate unchanged, though continuing to indicate that rates will move higher at some particular point.
The Bank’s statement noted that “housing activity is anticipated to decline from traditionally extreme levels, while the household debt burden is anticipated to rise further before stabilizing by the end of the projection horizon.” There was caution that these high debt levels might be an impetus to raise rates, stating the decision will be “weighed carefully against global and domestic development, including the evolution of imbalances in the household sector.”
The Bank’s next rate decision is booked for December 4. The prime rate for most lenders should stay at Three percent.
As for fixed rates, the decline market continues to enjoy historically low rates for those looking to purchase or refinance.