Bank of Canada Rate Announcement - September 02, 2011

For the 8th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...the need to withdraw monetary policy stimulus has diminished." The bank indicated in its media statement that the US recession was deeper and its recovery has been shallower than previously reported.

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 – October 25, 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.