| Your Association's Advocacy In Action |
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BREAKING NEWS
Bank of Canada has left its key interest rate unchanged
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For the first time in a year, the Bank of Canada has left its overnight target rate unchanged, keeping it at 4.50%.
This is the Bank’s first rate hold of this rate-hike cycle, which began in March 2022. The move was expected by markets.
The Bank indicated “Governing Council will continue to assess economic developments and the impact of past interest rate increases, and is prepared to increase the policy rate further if needed to return inflation to the 2% target. The Bank remains resolute in its commitment to restoring price stability for Canadians.”
Officials from the Bank of Canada have indicated that its future rate decisions will be driven by economic data.
The next announcement will take place April 12.
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“The Bank of Canada’s decision to implement a pause is a welcome decision. Canadians are facing an affordability challenge. Persistent inflation and the increased cost of borrowing have caused real financial pressures on households - particularly when it comes to housing.
While the current rate pause offers some hope, federal and provincial governments need to address affordability challenges head on with policies that help Canadians achieve the dream of homeownership and to stay in their homes."
- Lauren van den Berg, President & CEO, MPC
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MORTGAGE PROFESSIONALS CANADA
2005 Sheppard Ave. E, Suite 401, Toronto, ON, M2J 5B4
1-888-442-4625 MortgageProsCan.ca
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