This was the ninth interest rate decision of the year. The overnight rate remains at just 0.25 percent, which is incredible great news for borrowers currently in the market.
The Bank of Canada announced it will hold its policy interest rate at what it calls the effective lower bound until economic slack is absorbed. It does not expect this to happen until into 2023.
Assuming inflation does not rise to 2% on a sustainable basis, this could mean several more years of low borrowing rates.
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