Once again the bank of Canada has decided to leave the overnight lending rate again. This rate has remained unchanged since last summer when there were rate drops.
The interest rate was left at 0.5%, which in turn leaves the prime lending rate at the Banks and lending institutions at 2.70%.
This is great news for variable rate holders. Once again these are to be kept really low. This rate doesn't really have any affect on fixed rate mortgages.
More information can be found here;
http://www.bankofcanada.ca/2016/07/fad-press-release-2016-07-13/
Save the Date
The Bank of Canada's next meeting date is scheduled for September 07, 2016.
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