Bank of Canada Announcement
The Bank of Canada has announced another quarter point hike to its benchmark rate. This is the eighth consecutive rate increase in its mission to curb inflation that had surged to its highest level in nearly 40 years in June of last year. Read their full announcement There is a growing consensus that the Bank has now reached, or is close to, its terminal rate for this rate-hike cycle. Officials from the Bank of Canada have indicated that its future rate decisions will be driven by economic data. The next announcement will take place March 8, 2023. As noted in Mortgage Professionals Canada’s January 2023 Housing and Mortgage Market Review released Monday, some progress has been made in the fight against record-high inflation. “While borrowers [...]