Economic Update - A Quick Check In

ECONOMIC UPDATE:

Eight times a year, the Bank of Canada announces its decision on the setting of its key policy interest rate (the overnight rate target). In late October, the once again announced they were holding firm at half a percent.

Responding to the question as to the impact on the economy from the Liberals commitment to $10M deficit spending on infrastructure, Governor Stephen S. Poloz carefully noted that it is too soon to predict just what that impact will be, however we can be sure it will be closely monitored by the Bank of Canada. CLICK HERE to watch the 38 minute announcement as well as the Q & A. CLICK HERE to read October’s Monetary Policy Report.

However, speaking on that subject, BCREA stated, “…the outlook for growth next year may be somewhat brighter than the Bank currently forecasts given the spending intentions of the new Canadian government.”

REAL ESTATE UPDATE:

The Kamloops area finished the summer with strong home sale numbers coupled with stable prices. CLICK HERE to watch the complete 3 minute update from BCREA.

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