Interest Rate Update: The Bank Of Canada Holds Rate

According to the latest news from the Canadian Real Estate Association (CREA), the Bank of Canada has held its overnight lending rate at 1 per cent, where it has been for the last three years.

According to Canadian Real Estate Association Chief Economist Gregory Klump, “The Bank will eventually raise its trend-setting Bank rate but it is [in] no hurry to do so given the ample slack in the Canadian economy. The September Bank rate announcement does nothing to change the prevailing consensus among economists that places the first such increase more than a year down the road and that it will be a slow and gradual process.”

The Bank acknowledged that the national housing market is stronger than was previously expected while business investments and exports are expected to pick up.

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