Bank of Canada Interest Rates Remain unchanged

The Bank of Canada announced on March 9th, 2016 that the overnight interest rate charged to lenders remains unchanged at 0.5%.

The Governor of the Bank of Canada, Stephen Poloz has hinted lower rates may be possible in the future depending on how the Canadian economy evolves. The current 0.5% rate has remained unchanged since 17 July 2015 introducing a level of stability for Canadian lenders.

What this means for those contemplating a move is continued low interest rates. Lenders are today offering 5 year fixed rate mortgages at under 3%. These are excellent rates!  Possibly now is the time to make a change to a new home?

http://www.cbc.ca/news/business/bank-of-canada-interest-rate-1.3483080

 

Peter Adamovits

Peter Adamovits

Sales Representative
CENTURY 21 Explorer Realty Inc., Brokerage*
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