The Bank of Canada has made its third interest rate decision of the year. The announcement comes just as Statistics Canada reported their consumer price index was higher year over year and as there’s been speculation of the Bank slowing down its pandemic driven bond buying as the economy improves. The overnight rate remains unchanged with projections of policy interest rates remaining steady until the second half of 2022, if the inflation projections are accurate. This is sooner than the previous 2023 projections. To find out more please read the full announcement here.
For now, both fixed and variable rates remain low. Contact us today to see if you can take advantage of these historical low rates.