No Change to the Bank’s Overnight Rate
The Bank of Canada has maintained the overnight rate of 1%. This leaves Prime rate at 3%. For those of you in a mortgage product based on prime you will not see any adjustments to your rate or payments.
Some key highlights in the Bank of Canada’s announcement this morning were as follows:
- Growth in the United States in the 3rd quarter of 2013 was stronger than forecast
- U.S. economy is gathering momentum
- Real GDP growth in Canada in the 3rd quarter, at 2.7%, was stronger than projected
- The Bank continues to expect soft landing in the housing market
- The Bank sees no reason to adjust expectation of gradual return to full production capacity until end of 2015
- Inflation has moved further below the Bank’s 2% target
The next Bank of Canada overnight rate announcement is scheduled for January 22, 2014.
Click HERE to read the full article.
Should you have any questions at all please feel free to connect with us.