Terri Stephens | 403-827-4663

 
Back to Blog

The Bank of Canada announced today that it will not be changing its overnight rate. Therefore the Prime lending rate remains at 3.00%.

The global economy is still experiencing a widespread slowing of activities. Economic growth in the US is progressing at a gradual pace. Europe is in a recession and recent indicators point to a continued contraction. In China, and other emerging economies, growth has slowed somewhat more than expected..

Notwithstanding the slower global momentum, prices for oil and other commodities produced by Canada have, on average, increased in recent months.

 

Economic growth, in Canada, is still expected to pick up and return to full capacity by 2013. Housing activity is expected to decline from historically high levels, while household debt is expected to rise further. Core inflation has been lower than expected and projected to rise gradually over coming quarters.

With rates remaining the same, we are continuing to recommend that clients stay in their variable rate mortgages. The date of the Bank of Canada's next announcement is scheduled for December 4 2012.

Comments

No comments

Post Your Comment:

*indicates required fields.
Your Name:*
Please note, your email will not be shown publicly
Your Email (will not be published):*
Comment:*
Please type the text as it appears above:
Blogs
Posts By Date
Categories
Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.