Bank of Canada maintains the rate steady. This means your variable rate mortgage remains unchanged.  Admits that the outlook remains ‘heavily clouded’, however, states that the current programs are improving market function.

‘Impact of the COVID-19 pandemic on the global economy appears to have peaked, although uncertainty about how the recovery will unfold remains high.

The Bank’s programs to improve market function are having their intended effect.

The Bank maintains its commitment to continue large-scale asset purchases until the economic recovery is well underway.’

Next scheduled announcement is July 15.

Interestingly, today Tiff Macklem, has been appointed the new Bank of Canada governor, taking over Stephen Poloz who has been in that position for 7 years. The captain has changed, will there be any change to the ship’s course?