Like most of its last 29 rate announcements, today’s Bank of Canada rate statement was a snoozer. But for those with debt, dull is good. It keeps a lid on variable-rate borrowing costs.
For most, the only meaningful line in the BoC’s statement was:
“With inflation expected to be well below target for some time, the downside risks to inflation remain important.”
In other words, there’s no danger of variable rate hikes for as far as the eye can see. So, if you’re like most financially secure borrowers in a discounted adjustable-rate mortgage, there remains little reason to lock in.