Bank of Canada holds key rate at 1%
December 6th, 2011
The Bank of Canada holds their key lending rate at 1% for the tenth consecutive meeting. Banks therefore are expected to keep their prime rates at 3%.
Uncertainty around the global economic outlook has increased. The recession in Europe is worse than they anticipated.
US growth was slightly more robust than anticipated however the European crisis is expected to weigh on US growth.
Canadian dollar is still strong and the weaker external outlook is expected to dampen GDP growth in Canada.
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 17th, 2012.
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