As expected, the Bank of Canada held its overnight rate. This announcement is good news for those who are looking for a mortgage or mortgage renewal in the near future. We continue to have competitive rates from our lenders.
Key Highlights from the Bank of Canada:
- Housing market activity pulled back from recent high levels, largely as expected.
- The Bank continues to expect the economy to strengthen in the second half of 2021
- The fourth wave of COVID-19 infections and ongoing supply bottlenecks could weigh on the recovery.
- CPI inflation remains above 3 percent as expected
“We remain committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved.” (Bank of Canada)
For the full report, click here.
Let’s talk about your mortgage needs while we are experiencing these low rates and get your set up with the best rate and terms for your needs.