Bank of Canada Rate Announcement - June 05, 2012

For the 14th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...some of the risks around the European crisis are materializing and risks remain skewed to the downside.." The bank indicated in its media statement that this is leading to a sharp deterioration in global financial conditions.

Following this news, chartered banks and other financial institutions are expected to leave their prime lending rate at 3%.

Next Bank of Canada rate announcement – July 17, 2012.

Click here for the full Bank of Canada report.

If you are in a variable rate mortgage and need mortgage advice or if you have any friends or family that are buying a home or refinancing their existing mortgage, please call us so we can connect up with them. We always appreciate your referrals.