The Bank of Canada has announced, yet again, that they will not be touching the Prime lending rate, keeping it at 1%.

But what does that mean for our community. Sure, 1% sounds low, but what is the direct result of low interest rates? Leona Easu, Economic Development Officer with the City has seen a few things happen.

"The lower rates really encourage people to continue to purchase either their first home, or expand into a larger home because mortgage rates also stay really low," according to Easu.

Airdrie's business community also sees a benefit, as Easu suggest. She comments that it's a good time to use capital funds.

"It's a really good time to do expansion, either from a home based business to a store front expansion, or from a smaller store front to a larger one. Or invest in machinery and technology for their businesses because interest rates are so low right now."

Airdrie's population boost could be seen as a correlation to the lower interest rates as well.

"What comes with (new residents) is their ideas to start their home based businesses, and store front businesses."

Easu has met with local bank managers and small business advisors, and the indication is that the major banks have freed up access for small business, seeing that sector as an engine of growth for all of Canada.

So when does the bubble burst, and we start seeing bigger numbers for interest rates? Easu suggests that the number we are seeing is the number we will see for some time.

"It's a good time. I don't think the Bank of Canada is going to increase their rates for the foreseeable future."