The Bank of Canada has announced that it has retained its key policy rate at 1 per cent over the last announcement, which was made on December 4th, 2012. This is the longest time since the 1950s that the rates have stayed the same, remaining at 1 per cent for the last two years.
Growth is expected to pick up moving forward, although during the third quarter of this year the economic growth in Canada was considered weak.
Consumption and business investment are what are expected to help propel Canada’s economic growth through 2013.
According to the Canadian Real Estate Association, “The bottom line is that economic growth is expected to remain modest but positive, consistent with low inflations and low interest rates. The Bank of Canada has repeatedly said it would like to raise rates, although the prevailing economic outlook suggests such an action will not be warranted until late next year at the earliest, and that outlook may well be revised by the time the Bank makes its next announcement on January 23, 2013, by which time the outcome of the U.S. fiscal cliff will be known.”
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