Today the Bank of Canada announced that it is keeping its overnight lending rate at 1%. The last change by the Bank of Canada was in September of last year, when the rate was raised from 0.75% to 1%. I expect that today’s announcement will keep a steady flow of buyers into the market throughout the summer, looking to take advantage of the low mortgage rates.
The next time the Bank of Canada will look at adjusting rates will be September 5, 2012.
For more information, take a read through the Bank of Canada’s press release.