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Bank of Canada leaves overnight lending rate unchanged
The Bank of Canada announced yesterday that it will be maintaining its target for the overnight rate at 0.5%-citing uncertainty surrounding the global economy and a somewhat-sluggish Canadian economy as the reasons behind its decision.
From a global perspective, Canada-along with the rest of the world-is waiting to see what the new US government has in store in terms of prospective tax policies. Domestically, Canadian employment growth remains firm, but indicators still point to significant slack in the labour market. The Canadian dollar has gained some ground against other currencies-which is great for consumers, but not ideal for exporters.
Inflation has been a little lower than the Bank predicted in October, thanks to declines in food prices, but is expected to climb back up to 2% in the not-so-distant future. Overall, the Bank stands by its October projection that the Canadian economy will return to full capacity around mid-2018, growing by 2.1% in both 2017 and 2018.
You can find the Bank's full report here. If you have questions as to how this announcement could impact your upcoming mortgage decisions, either now or in the future, don't hesitate to reach out.
Save the Date
The Bank of Canada's next meeting date is scheduled for March 1, 2017.
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