Bank of Canada Holds Interest Rate Steady
  
The Bank of Canada kept its benchmark interest rate at 1.75 per cent on Wednesday.
Economists who monitor the bank weren't expecting any change to the rate, which the central bank meets to decide on every six weeks.
The bank tends to cut its rate when it wants to stimulate the economy, and hikes it when it wants to slow down an overheated one.
"Growth during the first half of 2019 is now expected to be slower than was anticipated in January," which is why the bank is keeping its rate low, to help stimulate the economy, it said.
In January, the bank was expecting Canada's economy to grow by 1.7 per cent this year. On Wednesday, it downgraded that lukewarm forecast to a chillier 1.2 per cent.
Economists think that's a recipe for lower rates, which is why "an accommodative policy interest rate continues to be warranted," the bank said.
The central bank's rate impacts Canadians by influencing the rates that retail banks give to savers and borrowers on products like mortgages and savings accounts.
"Anyone with a variable rate mortgage should be pleased with this announcement because it diminishes the timing and likelihood of any increase to the prime rate," said James Laird, co-founder of Ratehub Inc. and president of mortgage brokerage CanWise Financial.
"This announcement also provides some pressure relief to those considering entering the housing market, as they should expect fixed rates to remain stable through the spring and summer homebuying season."
Read the rest of the article here.
Hike of the Month - Mascot Mine
Well, this picture came up on my Facebook page the other day - it was an August 2010 trip we made to Mascot Mine in Hedley, BC. You can see the old abandoned buildings of this old gold mine from the valley floor - 1 mile below!
Tours are offered in summer but have been closed for the last couple years for maintenance amid safety concerns. There is hope that the tours will resume this summer.
You have to buy tickets and take a shuttle bus to the top of the mountain, then hike down the 589 stairs to get to the mine. And after checking things out, head back up those same 589 stairs.
Check out their website for tickets and information at http://www.mascotmine.com/
Wild, Wonky, Wiebe Words
Correctly decipher this month's riddle and win bragging rights among your family and friends!
Contest expires May 31, 2019. Phone 778-808-9911 with your answer.
Last month's riddle was "Bess trait czar gnaw tall weighs yore Bess top shun."
And the correct answer was "Best rates are not always your best option."
Tip: Have someone read the clue to you while your eyes are closed.
This month's Riddle: "Eye yam Reg is turd two dew morgue edges."
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