The Bank of Canada announced today that it is holding its key rate steady at 0.50 per cent as “the stimulative effects of previous monetary policy actions are working their way through the Canadian economy.” The Bank had cut the benchmark rate twice earlier this year as the economy faltered with falling oil prices.

Great news if you’ve got a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest cost funds. The prime rate will likely remain unchanged. The next rate-setting day is October 21.

Get in touch today for help determining whether a fixed or variable-rate mortgage will work best for your situation.