Bank of Canada holds interest rate

Real Estate Agent with Kingsway Real Estate., Brokerage

As expected the Bank of Canada announced that it is maintaining its target for the overnight rate at 1 per cent today. This means that variable mortgage rates will remain level.

 The bank said business investment and exports are taking over from consumer spending as the main drivers of economic growth. Though it warned the strong Dollar will provide some headwinds to trade.

Overall, the bank projects the economy will expand by 2.9% in 2011 and 2.6% in 2012. Growth in 2013 is expected to equal that of potential output, at 2.1%.

The bank expects the economy will return to capacity in the middle of 2012, two quarters earlier than had been projected in the January monetary policy report.

Interest rate announcement dates for the year 2011

Interest rate announcement

Monetary Policy Report

Interest rate change to date

18 January 2011

19 January 2011

No change

1 March 2011



12 April 2011

13 April 2011

 No Change

31 May 2011



19 July 2011

20 July 2011


7 September 2011



25 October 2011

26 October 2011


6 December 2011




Re-Blogged 1 time:

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  1. Brian England 04/12/2011 04:59 AM
Ontario Peel District Brampton
interest rate
mortgage rates
brampton realtor
brampton real estate info
brampton market report
bank of canada rate

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Mandeep Bhathal

Kingsway Real Estate., Brokerage
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