"CBC.ca today reported that The Bank of Canada has maintained its benchmark interest rate at one per cent, the same level it has been at for more than two years.
The benchmark is the rate at which retail banks and other lenders set their borrowing rates for consumers.
It marks the 18th consecutive policy meeting that the bank has opted to stand pat, but the first since Bank of Canada governor Mark Carney announced last week he will leave his post next year to head England's central bank.
That's the longest stretch that Canada's monetary policy has gone unchanged since the 1950s.
Tuesday's move was also in line with what economists were expecting, as Canada's economy continues to eke out sluggish growth — not enough to warrant a rate hike to slow things down, but also not poor enough to require a rate cut to get things flowing again.
The loonie rallied slightly on the announcement, gaining about a fifth of a cent to trade just above parity with the U.S. dollar, at 100.08 cents US."
In addition to this article, it was also reported that household credit also showed a decline which is positive for keeping interest rates low. All indications are that The Bank of Canada" will likely hold rates steady for at least another 12 months.
What does this mean for Kamloops Real Estate? Buyers are likely going to continue to see historically low mortgage rates. However, with the tightening of lending criteria, buyers are still going to have to qualify at the bank posted rate and will find that banks are being extremely selective of qualifying income while being much more liberal with any debt or obligations.
There are many great buying opportunities in the market right now. For a no obligation list of 10 homes that might meet your criteria, call the DQ Team at 250-319-9765.