Bank of Canada keeps interest rates on hold

The Bank of Canada announced on September 7th, 2016 that it was keeping its trend-setting target overnight lending rate at 0.5 per cent.

The Bank acknowledged that inflation risks were “tilted more to the downside since July” when it published its most recent economic forecast. Normally, this would signal that it may lower interest rates in the near future.

However, the Bank also said it remains concerned about rising mortgage debt, throwing cold water on the idea that it might lower rates for fear of fueling further household debt.

The big picture for the Bank’s key policy interest rate remains unchanged: it will stay low for longer – likely remaining where it is when the first day of school rolls around next year and maybe beyond.

As of September 7th, 2016, the advertised five-year lending rate stood at 4.74 per cent, unchanged from the previous Bank rate announcement on July 13th and up 0.1 per cent from one year ago.

The next interest rate announcement will be on October 19th, 2016 and will be accompanied by its Monetary Policy Report which will update the Bank economic forecast.

Coquitlam News

BC Housing Markets Heat Up as Summer Ends
The British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales...
More...
NEW PRICE: 312 501 Cochrane Ave., Coquitlam, Coquitlam West
2 Level Home with 3 Bedrooms Bright & Open Location Can’t be Beat NEW PRICE: $668,000 SMOKING...
More...
Home sale and listing activity continues to increase in August
Home buyers and sellers remained active across Metro Vancouver* in August, with home sale and new listing...
More...
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.