March 08 2023
Today, the Bank of Canada (BoC) has made the decision to hold its key policy rate at 4.50%. This is the first announcement in over a year that did not involve an increase by the central bank – which is good news for potential buyers who plan to enter the market this spring. The BoC expressed that they feel confident in this decision with evidence showing that sky-high inflation is beginning to cool down. Nonetheless, they made it clear that they are willing to bump rates higher if economic circumstances happen to change.
Read the latest news to learn more about this announcement.
The Bank of Canada decided to hold its target for the overnight rate at 4.50%, with the Bank Rate at 4.75% and the deposit rate at 4.50%. Global growth continues to slow, and inflation – while still high – is coming down.
On March 9, the Bank of Canada decided to hold its key interest rate steady but explained they are still prepared to raise rates depending on how inflation and the economy progress.
For the first time in over a year, the BoC announced that it would not be increasing its key policy rate. The central bank made it clear in its statement that they will be assessing economic development and plan to hike rates if needed.
Discover more about