The Bank of Canada hold its target for the overnight rate at the effective lower bound of 0.25%.
Canada’s economy was strong through to late 2020, but the lockdown measures did have an impact on the economy. The rate will have to stay low to help recuperate from the economic impact of COVID-19. This is good news for homeowners and buyers looking to get into the market.
The next scheduled date for interest rate announcement is June 9, 2021. Read the full report by Bank of Canada here.