Bank of Canada Rate Hold!

Posted by Joe Samson & Associates on Tuesday, October 20th, 2009 at 2:50pm.

The Bank of Canada announced today that it will hold its overnight rate at     The Bank of Canada announced today that it will hold its overnight rate at 1/2 percent. Banks therefore are expected to keep their prime rates at 2.25%.
The Bank of Canada has said that recovery from the recession appears to be happening both in Canada and globally. The Bank of Canada says we have been buoyed by the government stimulus package, increased household wealth, improved financial conditions and commodity prices and business and consumer confidence. The one down side to recovery appears to be a strengthening Canadian Dollar which will slow any increase in export demand. The Bank has forecast a 3.0% increase in our economy in 2010 and a 3.3% increase in 2011. The Bank of Canada continues to say they will hold the prime rate at its current low to the end of the second quarter 2010. However, the rate hold is dependent on the outlook of inflation going forward.

For information about the Calgary real estate market, visit JoeSamson.com an excellent resource for Calgary houses for sale.

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Last updated on: 2012-05-17 00:22:34

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