Wednesday, April 06, 2016

Bank of Canada Maintains overnight interest rate at 0.5% as of March 9th 2016

Good morning from Fabulous Mississauga!

As most economists expected, the Bank of Canada refrained from cutting interest rates at this week's policy announcement meeting.

On March 9, 2016 the Bank of Canada announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent

The key policy overnight rate is only 50 basis points (one-half of one percentage points or 0.5%) and another 25 basis point (bp) cut would only reduce the Bank's ability to take action, if needed, in the future.

The recent economic news has shown a marked improvement, precluding the Bank from following on the previous two rate cuts this year.

Read more here BankofCanada
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

RE/MAX Realty Specialists Inc.
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