This latest rate decision aligns with a number of economist predictions.
40 leading economists suggested there would be no change to the rate today, according to BNN. Analysts forecast the chance of a hike at 55%, but not until 2017.
Many analysts are predicting an eventual rate hike in the next year-and-a-half, but one mortgage broker who closely follows the market believes the rate will be cut once more before that.
“I think there will be a rate cut in the next six months; I don’t see the economy improving enough in that time to warrant a hike,” Dustan Woodhouse, a Vancouver-based broker with Dominion Lending Centres, said. “The precedent has already been set for a ¼ point drop and I think it will go down before it goes up.”