Danny Bell

Posted On Sep 06, 2023

Good news! The Bank of Canada has left its overnight target rate unchanged at 5.00%, as was widely expected by markets.

The overnight rate is directly correlated with financial institutions Prime Rate, which impacts variable rate mortgages and lines of credit.

In its statement, the Bank said it made the decision due to “recent evidence that excess demand in the economy is easing, and given the lagged effects of monetary policy.”

However, the bank said it “remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed.”

Click here for the full statement.

Danny Bell, AMP

Mortgage Broker | Lic.#M13001996

C: 289-200-9061 | T: 905-426-4200

www.strictly-business.ca

The Mortgage Centre | Durhammortgage.com Ltd. | Reg. #10231 | Est. 1993

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BREAKING NEWS: Bank of Canada held its overnight rate at 5.00%

Posted On Sep 06, 2023

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