Bank of Canada Rate Announcement - May 31, 2011

For the 6th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...some of the considerable monetary policy stimulus currently in place will be eventually withdrawn." The bank indicated in its media statement that the disasters that struck Japan in March are severely affecting Japan's economic activity which in turn could slow global economic growth.

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 – July 19, 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.