The Bank of Canada decided to keep the bank rate unchanged, meaning no changes to the Prime lending rates are anticipated. There has been a lot of commentary that Canada needs to start increasing rates to deal with the hot housing market, namely in Toronto and Vancouver. All indications from CMHC is that Winnipeg is very much in balanced market conditions, a good place to be. The noise from around the world on Canada’s housing market could have an impact in coming months but this time the Bank of Canada seems content to focus on inflation and the overall Canadian economy as a reason for keeping rates unchanged. Here are some excerpts on Bank of Canada rate news leading up to today’s announcement.
If you want more information on your variable rate mortgage or to read today’s Bank of Canada announcement, please follow the link below. The next rate announcement is July 12.