No Change to Bank of Canada Rate

The Bank of Canada announced today that it is holding the overnight rate steady, and indicated that they will be cautious in raising rates going forward. The Bank noted that consumer spending, business investment, and infrastructure spending are contributing to growth, but that export growth has slipped and the global outlook faces continued uncertainty due to “geopolitical developments and trade policies.” The Bank has therefore deemed that “the current stance of monetary policy remains appropriate.” Good news for homeowners with variable-rate mortgages and lines of credit. The next rate-setting day is January 17, 2018.