Bank of Canada Rate Announcement - July 19, 2011

For the 7th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...any further reduction in monetary policy stimulus would need to be carefully considered." The bank indicated in its media statement that the US economy has grown at a slower pace than expected and continues to be restrained by slow growth in employment.

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 – September 07, 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.