Change in Interest Rates Unlikely

This Wednesday, homeowners and mortgage brokers will be among those awaiting the latest interest rate announcement from the Bank of Canada but experts aren’t predicting any movement. The cost of living will be higher this year as inflation is up to 2% largely due to energy prices but that is the Bank’s target, so the likelihood is that the base rate will stay where it is until the second half of next year. There have even been suggestions from some analysts that there could be a cut in the rate in the short term. The rate has stayed at 1% since September 2010.