I just received an email from a Mortgage Broker that has an interesting update regarding the Bank of Canada today. See it below.
Bank of Canada Update
The Bank of Canada Announced yesterday that it is raising the target for the overnight rate by a quarter percent. Banks usually fall in line and will increase their prime lending rates to 2.75%.
Global economic recovery is proceeding but is not yet self sustaining, many economies are still working on repairing their balance sheets. This ongoing maintenace will temper the pace at which growth happens world wide.
Canada's economy is reacting largely as expected led by government and consumer spending. Housing activity has declined from very high levels early in the year which is heiping to moderate growth. Employment growth has resumed but overall business investment is slowed by concerns of global uncertainty.
The Bank of Canada expects the economic recovery of Canada to be more gradual than it had projected in April do largely to the slower than expected global improvement. Inflation numbers are in line with targets and expected to remain this way until the end of 2011.
As always, we are open to any feedback, suggestions or comments.
Colin Ward, AMP
Partner/Mortgage Associate
Axiom Mortgage Solutions (formerly Square One Mortgage)
403-262-9932
1-888-471-9554 Toll Free
1-866-597-8959 Fax
www.colinward.ca
I hope you found this info informative and beneficial.
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