Bank of Canada stands pat on key interest rate
The Bank of Canada made no change in its key policy interest rate this morning as expected, leaving it at the one per cent level it has been at for the past three years.
Wednesday saw the second rate policy announcement overseen by Stephen Poloz, the new governor of the Bank of Canada. As anticipated, Canada's central bank has once again chosen to keep the key policy interest rate at 1%, the same level it has been for three years now. So far, Poloz has kept to the monetary policy patterns established by the previous governor, Mark Carney.
In Wednesday's report, it was stated that low interest rates will remain "appropriate" as long as the Canadian economy's growth remains at current levels. It was also noted that Canada's housing market has been "slightly stronger than anticipated".
Economists at many of the major lending firms are not anticipating an increase in rates for at least another year.