Bank Of Canada-Rate Watch
On March 8th, for the first time in a year, the Bank of Canada left its overnight target rate unchanged.
This is the Bank's first rate hold of this rate-hike cycle, which began in March 2022. The move was expected by the markets.
The Bank indicated "Governing Council will continue to assess economic developments and the impact of past interest rate increases, and is prepared to increase the policy rate further if needed to return inflation to the 2% target. The Bank remains resolute in its commitment to restoring price stability for Canadians."
Officials from the Bank of Canada have indicated that its future rate decisions will be driven by economic data.
The next Bank of Canada interest rate announcement is scheduled for April 12, 2023.
If you need assistance to help you plan and navigate these uncertain times please reach out and we would be happy to refer you to an expert with your mortgage approval or mortgage renewal.
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