The Bank of Canada has decided to keep its benchmark rate unchanged at 1.75%, as expected. This means that those with variable rates and/or lines of credit will not see an increase in their rates and payments.
According to the CBC, a couple of factors may have come into play in this decision, such as the closure of the GM plant in Oshawa and the low price of Canada’s oils.
Analysts are no longer expecting another rate hike in January, as previously indicated, but have said that Spring 2019 seems to be the more likely time for an increase.
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LinkedIn: Darlene Hanley