Prime rate stays the same...

February 24, 2016 | Posted by: Natalie Wellings

Prime rate stays the same...

The new Governor of the Bank of Canada, Stephen Poloz, maintained the status quo set by his predecessor, Mark Carney, by leaving the prime lending rate unchanged in the interest rate announcement yesterday. Poloz also inferred that he doesn't see the prime lending rate moving anytime soon as Canada's economy is still 'choppy in the near term'. This latest announcement by Canada's central bank is good news for borrowers looking for a low cost alternative to the 5 year fixed mortgage since rates rose to a few weeks ago.

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