Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. Next announcement Mar 6.

Bank of Canada states things more dampened than anticipated from their last October Monetary Policy report (..sounds familiar). Currently states inflation will return to around the 2% by late 2019 (which usually signals bump in rate).

Here are their closing remarks, left to our interpretation:

“Weighing all of these factors, Governing Council continues to judge that the policy interest rate will need to rise over time into a neutral range to achieve the inflation target. The appropriate pace of rate increases will depend on how the outlook evolves, with a particular focus on developments in oil markets, the Canadian housing market, and global trade policy.”