Low interest rates are here to stay says Poloz

The governor of the Bank of Canada has warned Canadians that low interest rates are here for the long term, affecting retirement plans and business investment.

For homeowners, it should mean mortgage rates remain low for many years however low rates won’t help housing affordability, especially for first-time buyers.

Stephen Poloz also warned that low interest rates could impact business investment which in turn could have a negative effect on the labour market.
 

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