{"id":228116,"date":"2023-12-06T15:30:06","date_gmt":"2023-12-06T20:30:06","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=228116"},"modified":"2023-12-06T15:38:03","modified_gmt":"2023-12-06T20:38:03","slug":"bank-of-canada-interest-rate-december-2023","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/bank-of-canada-interest-rate-december-2023","title":{"rendered":"Bank of Canada holds key rate at 5%\u00a0"},"content":{"rendered":"<h4 id='pressboard-ad-sponsorship-tag' style='margin-bottom: 35px;'><\/h4>\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/12\/AdobeStock_614839656_Editorial_Use_Only.jpeg\" rel=\"lightbox[228116]\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/12\/AdobeStock_614839656_Editorial_Use_Only.jpeg\" alt=\"\" class=\"wp-image-228117\"\/><\/a><figcaption class=\"wp-element-caption\">The Bank of Canada remains cautious, saying it won&#8217;t hesitate to raise rates again if inflation doesn&#8217;t continue to slow. (Photo credit: Adobe Stock)<\/figcaption><\/figure>\n\n\n\n<p>After much speculation and careful handwringing from Canadian homeowners, the Bank of Canada announced it is holding its key interest rate at 5 per cent \u2013 marking the third consecutive rate hold since its adjustment earlier in the year.&nbsp;&nbsp;<\/p>\n\n\n\n<p>In its announcement today, the bank said that Canadian economic growth has continued to slow down, mostly thanks to its decision to hike interest rates. Now that borrowing and spending have slowed, inflationary pressures are easing.&nbsp;<\/p>\n\n\n\n<p>After CPI inflation skyrocketed to 8.1 per cent in the summer of 2022, the bank claims that inflation dropped down to 3.1 per cent in October 2023.&nbsp;<\/p>\n\n\n\n<p>While another rate hold is good news for homeowners and borrowers, the decision to maintain the current key rate doesn\u2019t come without a healthy dose of caution \u2013 which could mean further hikes if inflation doesn\u2019t slow fast enough.<\/p>\n\n\n\n<p>\u201cGoverning Council is still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed,\u201d the bank said in a statement. \u201cGoverning Council wants to see further and sustained easing in core inflation and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth and corporate pricing behaviour.\u201d&nbsp;<\/p>\n\n\n\n<p>\u201cThe Bank remains resolute in its commitment to restoring price stability for Canadians.\u201d<\/p>\n\n\n\n<p>For now, Canadians can breathe easy. The next scheduled date for announcing the overnight rate target is January 24, 2024.&nbsp;<\/p>\n<div id='pressboard-ad-sponsorship-msg'><\/div>","protected":false},"excerpt":{"rendered":"<p>Canadians can breathe easy for another month, as the Bank of Canada has announced its holding interest rates at 5 per cent for now.<\/p>\n","protected":false},"author":52,"featured_media":228117,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11132,11199,11163,11198],"coauthors":[10598],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - 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May 19, 2023: Bank of Canada building sign in downtown\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/bank-of-canada-interest-rate-december-2023#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Articles\",\"item\":\"https:\/\/www.livabl.com\/articles\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\/\/www.livabl.com\/articles\/news\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Bank of Canada holds key rate at 5%\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.livabl.com\/articles\/#website\",\"url\":\"https:\/\/www.livabl.com\/articles\/\",\"name\":\"Livabl\",\"description\":\"Building New Home Dreams\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.livabl.com\/articles\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/e8d9b87d19d9c90dd560e3b4d12e826e\",\"name\":\"Cassie Apperloo\",\"description\":\"Cassie Apperloo covers real estate market news for Livabl. 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