Bank of Canada Keeps Interest Rates Steady! | October 2023 Mortgage Update

The Bank of Canada just made a crucial decision to keep the key interest rate steady at 5.00%, maintaining its pause on rate increases while continuing with quantitative tightening. Prime will remain at 7.2% for most lenders

Global and economic instability will factor in to future rate hikes, along with inflation and employment numbers. Canada is projecting a slower GDP growth which could trigger “recession territory” so my prediction is that in the first part of 2024, rates will slowly start coming down.

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