Bank of Canada Rate Announcement - July 17, 2012

For the 15th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...global financial conditions have deteriorated since April.." The bank indicated in its media statement that developments in Europe point to a renewed contraction.

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 – September 05, 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.