The Bank of Canada announced today that it is maintaining its target for the overnight rate at 2.25%. The Bank Rate remains at 2.50%, while the deposit rate remains at 2.20%. For homebuyers, homeowners and real estate investors in Toronto, Vaughan, Richmond Hill, Markham and across the Greater Toronto Area, the decision provides some short-term stability—but it does not necessarily mean that all...
The Bank of Canada announced today that it is maintaining its overnight policy interest rate at 2.25%, marking another pause after previous rate cuts over the past year. While some Canadians were hoping for another reduction, today's decision reflects the Bank's cautious approach as it continues balancing inflation with economic growth. If you're thinking about buying, selling, refinancing, or...
More rate relief is expected this week for those with variable-rate mortgages and lines of credit. Markets overwhelmingly expect the Bank of Canada to deliver its third consecutive quarter-point rate cut when it meets this week. That would bring the Bank’s overnight target rate down to 4.25%, a full 75 basis points (or 0.75%) below its peak of 5.00%. Encouraging inflation data and signs of a...
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