A great article about the reduction of the overnight rate by the Bank of Canada and what it could mean for you
Archive for the ‘Bank Of Canada’ Category
Prime Reduction
Thursday, January 22nd, 2015Bank Prime Rate Remains the same
Wednesday, July 17th, 2013This article is written by our associate Bob Alexander, An Accredited Mortgage Professional with Verico Maximum Mortgage Inc. The Bank of Canada announced today that it will not be changing its overnight rate. Therefore the Prime lending rate remains at 3.00%.
Global Economic growth remains modest although the pace varies across the major economies.
The US economic expansion is also continuing modestly .
In Canada, economic growth is expected to be choppy in the near term. Inflation is low and is expected to remain subdued in the near term.
This is the first pronouncement by the new Governor, Stephen Poloz. It is interesting in that he indicates, between the lines, that the current Prime rate will be unchanged for some time.
The date of the Bank of Canada’s next announcement is scheduled for September 4, 2013.