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Tuesday 1 March 2011

Bank of Canada Rate Announcement - March 01, 2011



For the 4th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...global economic recovery is proceeding broadly in line with the Bankof Canada January 2011 projections." Although risks remain elevated, the bank indicated in its media statement that the pace of recovery is moving slightly faster than anticipated.

Following this news, chartered banks and other financial institutions are expected to leave their prime lending rate at 3%.

Next Bank of Canada rate announcement – April 12, 2011.

Click here for the full Bank of Canada report.

If you are in a variable rate mortgage and need mortgage advice or if you have any friends or family that are buying a home or refinancing their existing mortgage, please call us so we can connect up with them. We always appreciate your referrals.