Upcoming Mortgage Renewals Part of Why BoC Held Rate at 5%: Macklem

Bank of Canada governor Tiff Macklem waits to appear at the Senate Committee on Banking, Commerce and the Economy, in Ottawa, on Nov. 1, 2023. The Canadian Press/Adrian Wyld

Bank of Canada governor Tiff Macklem says the central bank held its key interest rate at five percent in part because of the effect a wave of upcoming mortgage renewals is expected to have on the economy.

Mr. Macklem appeared before a Senate committee alongside senior deputy governor Carolyn Rogers on Nov. 1 following the Bank of Canada’s most recent interest rate decision and monetary policy report.