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?