Bank of Canada announces another rate hold .
The Bank of Canada declared earlier today it's once again keeping its key policy rate unchanged, though continuing to indicate that rates will move higher at some point. The prime rate for most banks should stay at Three percent.
The Bank's statement noted that "housing activity is anticipated to decline from traditionally extreme levels, while the household burden of debt is anticipated to rise further before stabilizing by the end of the projection horizon." There was caution that these high debt levels may be a push to raise rates, saying the decision will be "weighed carefully against worldwide and domestic development, including the evolution of imbalances in the household sector."
The Bank's next rate decision is scheduled for December 4.
As for fixed rates, the decline market continues to enjoy traditionally low rates for those wishing to purchase or refinance.
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