Bank of Canada holds key rate at 1% January 18th, 2011
The Bank of Canada holds their key lending rate at 1%. Banks therefore are expected to keep their prime rates at 3%. The Bank of Canada’s key points:
1.”Global economic recovery is proceesing at a somewhat faster pace than anticipated”.
2.”Stretched household balance sheets are expected to restrain the pace of consumption growth and residential investment.”
3.”With a little more excesss supply in the near term, that Bank continues to expect that the economy will return to full capacity by the end of 2012.”
With rates staying low, we are continuing to recommend that clients stay in their variable rate mortgages. The date of the Bank of Canada’s next announcement is scheduled for March 1st, 2011.
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