Bank of Canada holds key rate at 1%
December 7th, 2010
The Bank of Canada holds their key lending rate at 1%. Banks therefore are expected to keep their prime rates at 3%.
The Bank of Canada said the global recovery is unfolding as expected but there has been an increase in risk due to the sovereign debts concerns in several countries that could trigger renewed strains in global financial markets.
“Canada’s recovery is proceeding at a moderate pace. In the third quarter, household spending was stronger than the Bank had anticipated and growth in business investment was robust. However, net exports were weaker than projected and continued to exert a significant drag on growth. This underlines a previously-identified risk that a combination of disappointing productivity performance and persistent strength in the Canadian dollar could dampen the expected recovery of net exports.”
With rates staying low, we are continuing to recommend that clients stay in their variable rate mortgages. The date of the Bank of Canada’s next announcement is scheduled for January 18th, 2011.
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