On December 2nd, the Bank of Canada announced that it would hold its overnight lending rate at 0.5 per cent.
“Helped by interest rate cuts earlier this year, the Canadian economy rebounded in the third quarter of 2015 from two previous consecutive quarters of negative economic growth,” said the Canadian Real Estate Association in a press release. “However, the Bank expects ‘[economic] growth to moderate in the fourth quarter of 2015 before moving to a rate of potential in 2016.”
The next rate announcement is scheduled for January 20, 2016. For the complete report, see the full statement from the Canadian Real Estate Association here.