Wednesday, September 03, 2014

Bank of Canada leaves overnight interest rate at 1% - thus prime rate at your bank will stay at 3%

The Bank of Canada announced today that they are leaving the overnight interest rate (the rate that banks charge other banks to hold their money overnight) at 1% - thus prime rate at your bank will stay at 3%

This is good news if you are thinking of borrowing money

The press release began:

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
Inflation is close to the 2 per cent target and is evolving as the Bank anticipated in its July Monetary Policy Report (MPR). Recent data reinforce the Bank’s view that the earlier pickup in inflation was attributable to the temporary effects of higher energy prices, exchange rate pass-through, and other sector-specific factors rather than to any change in domestic economic fundamentals.
Read more at http://www.bankofcanada.ca/2014/09/fad-press-release-2014-09-03/

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

RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

BUS 905-828-3434
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