For the 7th time in a row the Bank of Canada held interest rates steady meaning there is no change to your variable mortgage and line of credit rates.
The reasons the Bank decided to hold interest rates is because world trade has slowed due to the escalating US/China trade conflict. Though the Canadian economy is operating close to potential with second quarter growth stronger than expected, the Bank feels these signs of strength are temporary. While certain parts of the economy showed strength (energy production, exports, housing activity, labour income) others parts remained weak (consumption spending, business investment). Given this composition, and heightened trade uncertainty, the government expects economic activity to slow in the second half of the year.
The next interest rate announcement is October 30, 2019. In the mean time enjoy stable variable rates, and currently, vast options of low fixed rates.