Inflation rate holds steady in November

Canada’s inflation rate remained unchanged at 3.1 percent in November, StatCan reported yesterday. Many economists had expected the rate to drop below the three percent threshold.

However, inflation for the month on both sides of the border was apparently low enough to convince the Bank of Canada (and the U.S. Federal Reserve) not to raise their central rates. In expectation of rate drops in 2024, many Canadian banks have responded by dropping their five-year fixed mortgage rates—to the lowest rates seen since May.