Bank of Canada maintains overnight rate target at 1 per cent

Good news for people with variable rate mortgages. Your bank prime rate will not be going up this session.

OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at
1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
Uncertainty around the global economic outlook has increased in the weeks since the Bank released its
October Monetary Policy Report (MPR). Conditions in global financial markets have deteriorated as the
sovereign debt crisis in Europe has deepened. Additional measures will be required to contain the European
crisis. The recession in Europe is now expected to be more pronounced than the Bank had anticipated in
October, as a result of increased deleveraging and tighter financial conditions, as well as necessary fiscal
austerity and structural reforms. For more information and to discuss whether a variable rate or fixed rate is best for you contact me