At 10 am eastern, the Bank of Canada made its nineth interest rate decision of the year. While the overnight rate did not change – it remains at just 0.25 percent, which is great news for borrowers – the Bank’s commentary about the outlook for Canada’s economy did.
In particular, the Bank announced it will hold its policy interest rate at what it calls the effective lower bound until economic slack is absorbed. In its current projection, the Bank does not expect this to happen until into 2023.
Assuming inflation does not rise to 2% on a sustainable basis, this could mean several more years of low borrowing rates.
To provide greater insight into this latest announcement, First National summarized the Bank’s statement here for easy reference.
Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on the “The Mortgage Show”, which she’s hosted for over a decade and is the best selling author of The Mortgage Code available on Amazon. All proceeds from her book sales are donated to Access Youth Outreach services, a local charity in our community supporting our youth. Additionally, in August of 2020, she surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37.
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