The Bank of Canada announced today that it will not be changing its overnight rate. Therefore the Prime lending rate remains at 3.00%. Global Economic growth continues to expand broadly but at a moderate rate. In the US, long term interest rates have normalized but private domestic demand isn’t growing as much as hoped. Inflation in Canada remains subdued. Uncertain global conditions continue to delay the expected demand towards exports and investment. With rates remaining the same, we are continuing to recommend that clients stay in their existing variable rate mortgages. The date of the Bank of Canada’s next announcement is scheduled for October 23, 2013.