While the Bank of Canada Governor Stephen Poloz did not appear before the House of Commons Finance Committee, a Bank of Canada press release was issued earlier in the morning that announced it is keeping the overnight rate unchanged, exactly where it’s been for more than four years, noting that the rate is “appropriate” for the current state of the economy. The prime rate stays at 3%.
This is important news if you’ve got a variable-rate mortgage, need a new mortgage, or want to consolidate debt at the lowest cost funds.
The next rate-setting day is December 3rd.
Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662
Comments