Canada’s central bank took swift action to slash interest rates at several points during the month. The cut announced by the Bank of Canada on March 27th meant that the overnight rate — which influences mortgage rates — had reached a level not seen since the 2008-2009 global recession. The rate, at 0.25 percent, sits at the “effective lower bound” established by the bank, which means that it does not intend to lower it further to zero or into negative territory. In a comprehensive housing report published earlier this month, BMO Senior Economist Robert Kavcic wrote that the central bank is unlikely to hike the rate until 2022.
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