The Bank of Canada has frozen interest rates for the upcoming year, and that has people talking.

Scott Morvik is a Consultant with I.G. Wells in Eastend and he says that news is a good thing.

"Well, it's a good thing that they're watching economic conditions..that's the job of The Bank of Canada. If the economy was overheating they would have to raise rates. There's a lot of issues in the world economy right now and The Bank of Canada is paying attention to that and they've signaled that they're not going to raise rates at this time. Now, for the average Canadian that's a good thing."

Morvik adds that higher interest rates cost more money, so the Bank of Canada's decision to freeze rates is a good one for the average Canadian.