As predicted, in an announcement earlier today the Bank of Canada has left its key interest rate unchanged at 1%. This is good news for variable rate mortgage holders, and the even better news is that the bank hinted strongly that the rock-bottom low rates might be here for a while. The reason? A worsening global economy. Until the rest of the world starts to come out of this mess the Canadians will be enjoying very low prime lending rates.
This latest interest rate announcement is the 10th consecutive time the Bank of Canada has held steady on the benchmark lending rate.
The next scheduled interest rate announcement by the Bank of Canada is set for Tuesday, December 6th 2011.