The Bank of Canada announced that they would not be changing the rate today. Therefore, there is no change for those who have a variable rate credit product.
They plan to continue to maintain the rate until the second half of 2022. One change in their announcement is that they will be reducing the quantitative easing, which is a fancier term of saying "printing money." This may result in higher fixed rates in the near future. With vaccinations increasing and COVID cases falling, the global economic activity is recovering strongly, particularly in advanced economies. However, recovery is still highly uneven and remains dependent on the course of the virus, causing uncertainties among different job sectors.
If you'd like to learn more or if you have any questions, please feel free to contact us and we'd be glad to help!
Hope you're having a great week so far!