Bank of Canada Expected to Hold Interest Rates Steady as Inflation Cools

The Bank of Canada's next interest rate announcement is October 25. The rate is expected to remain unchanged at 5% based on lower inflation numbers.

The BoC has hiked rates 7 times in 2022 and once in 2023 to battle inflation. The key rate currently sits at 5%.

Inflation rose to 4% in August but decreased to 3.6% in September. Consumer spending remains high.

Experts believe the BoC is nearly done with rate hikes for 2023 unless surprised by data.

Higher rates are slowing the housing market - CREA reports home prices dropped in all major markets in September as listings grew.