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No Change to Prime

The Bank of Canada is keeping the target for the overnight rate at ½ percent.

 While the global economy is exceeding the Bank’s January expectations-and the US is similarly experiencing solid growth-the Bank believes there is still an element of uncertainty around the global outlook. Similarly, Canada’s economic growth has been faster than predicted back in January, something the Bank attributes to a boost in spending in the oil and gas sector as well as increased consumer spending resulting from the Canada Child Benefit. While the Bank finds this increase in GDP “encouraging”, it isn’t prepared to declare the country on a “sustainable growth path”.

With CPI inflation currently at the Bank’s target of 2 percent, the Bank expects it to dip in the months ahead before returning back to 2 percent later in the year.

Because of all this-and the fact much of this good news could be “temporary”-the Bank has opted to maintain its current rate.

With the Prime rate staying the same, we are continuing to recommend that clients stay in their existing variable rate mortgages. The date for the Bank of Canada’s next announcement is scheduled for May 24 2017. 

 

Provided by Bob Alexander with The Mortgage Doctors