The Bank of Canada held rates steady at 5% with today’s announcement, meaning there will be no change to lender’s prime rates.
Watch the video below for more information:
Today’s rate hold was fueled by last week’s weaker-than-expected GDP data, a decline in housing activity, as well as the impact of wildfires. While the Bank said this weaker growth period “is needed to relieve price pressures,” they delivered a clear message that further rate hikes are still on the table.
The Bank of Canada will continue to assess core inflation and other financial data ahead of the next rate announcement on October 25th.
Today more than ever, smart mortgage and financial planning is key to navigating the rapidly changing and nuanced market.
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