Today, the Bank of Canada Governor Mark Carney announced that it was holding the prime interest rate at 1% and did not foresee an increase in the rate in the near future. While the Canadian economy has been relatively steady, economic troubles in Europe and the United States are hampering the global economy.
With things looking to get worse before getting better in Europe and the United States, most economists are forecasting little change until mid-2012.
While this means slow economic growth in Canada, this is good news for those currently in variable rate mortgages, those looking to renew their mortgage as well as those looking to buy a new home and lock-in a pre-approved rate.
The next Bank of Canada meeting on the economic outlook / rates is scheduled for October 25th.