The Bank of Canada rate remained unchanged yesterday. Highlights of the report are summarized below.
~Uncertainty around the global economic outlook has increased.
~European recession will be more pronounced than expected.
~Recent economic data suggests an improved U.S. outlook.
~Recent economic indicators show a slightly stronger Canadian economy than indicated in the October forecast. However, weaker external outlook is expected to dampen GDP.
~Expectations for reduced inflationary pressures, due to food and energy prices and excess supply in the economy.
"With the target interest rate near historic lows and the financial system functioning well, there is considerable monetary policy stimulus in Canada."
The next Bank of Canada Announcement is scheduled for January 18, 2012
Bank prime is 3.00%
P.S. If you have any questions as to what this means to your mortgage, we are always here to help you with unbiased advice.
Today's Mortgage Specials...
3 Year Fixed: 2.89%
5 Year Fixed: 3.29%-3.39%
7 Year Fixed: 3.89%
10 year Fixed: 4.39%
Free Down Payment: 4.73%
Please contact me at 705-794-1283 , Cory@ndlc.ca