Bank of Canada Reaffirms Its Low-Rate Outlook

Author: External Author | | Categories: Commercial Mortgage , First Time Home Buyer , Home buying , Interest Rates , Mortgage Broker , Mortgage Refinancing , Mortgage Services

Despite a booming housing market and rapid job recuperation, the Bank of Canada warned that the country’s economic recovery will be “heavily reliant on policy support.”

The Bank made the statement during its interest rate decision Wednesday, where it left the key lending rate unchanged at its “effective lower bound” of 0.25%.

“As the economy moves from reopening to recuperation, it will continue to require extraordinary monetary policy support,” the BoC said in its statement. “The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved.”

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Original Article Source Credits:   CANADIAN MORTGAGE TRENDS ,

Article Written By:  Steve Huebl

Original Article Posted on:  September 10, 2020

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