Bank of Canada Update: No change to the policy interest rate

Well some good news! The Bank of Canada has decided to pause rate hikes. This is following a reported decline to GDP, core inflation lowering slightly, and increasing unemployment rates, suggesting a softening economy. This is good news for variable rate mortgage holders, and anyone with lines of credit.

The current prime rate remains high at 7.2%. The final two BoC rate announcements are scheduled for October 25 & December 6th of this year.