The Bank of Canada’s most recent rate announcement was on December 3rd, and the Bank said it’s keeping its overnight lending rate at one per cent.
According to the Canadian Real Estate Association, “Economic conditions around the world have changed rapidly in recent months. The Bank’s December 3rd announcement took a decidedly ‘on the other hand’ approach in addressing how recent developments have altered not only the outlook for inflation and the economy, but also the risks to that outlook.”
The Bank listed the following:
Risks to the Canadian economy
Interest rate risks
“What does this mean for the interest rate outlook? At this point, not much,” continued the Canadian Real Estate Association. “The first hike is still penciled in for later next year. Whether that outlook changes will depend on what happens in the months ahead – and perhaps most importantly, what happens to the price of oil.”