Holding Again

Bank of Canada announced today that it will hold its rate once again. You can read the full report HERE.

Key Highlights:

  • With COVID-19 cases falling in many countries and vaccine coverage rising, global economic activity is picking up. Growth remains uneven across regions, however.
  • Renewed lockdowns associated with the third wave are dampening economic activity in the second quarter, largely as anticipated. The employment rate remains well below its pre-pandemic level, with low wage workers, youth and women continuing to bear the brunt of job losses.
  • With vaccinations proceeding at a faster pace, and provincial containment restrictions on an easing path over the summer, the Canadian economy is expected to rebound strongly, led by consumer spending.
  • While CPI inflation will likely remain near 3 percent through the summer, it is expected to ease later in the year, as base-year effects diminish and excess capacity continues to exert downward pressure.
  • Housing market activity is expected to moderate but remain elevated.

Once again, I remind you that if you are considering a home purchase or have a mortgage renewal coming due this year, let’s take a look to see how we can get you set up to take advantage of the competitive rates that are available right now. You can contact me by phone or email HERE.