Blog  //  Bank of Canada leaves Overnight Rate at 1%

12 Apr. Posted by Ryan Crane in Oakville Mortgage Info | 0 comments
Oakville Homes

OTTAWA, April 12 /CNW/ - The Bank of Canada announced this morning that it will be maintaining its target for the overnight rate at 1 per cent. The bank rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

Since raising its overnight lending rate to one per cent in September, the bank has held steady for five consecutive policy decisions. The decision to keep the rate unchanged should benefit home buyers throughout the GTA and 'Oakville Real Estate' markets as mortgage rates should also remain low in the short term. The Prime Rate is currently at 3.0 per cent. You can always find the current mortgage rates, and some useful mortgage calculators, on the Mortgage Rates and Calculators page on this website.

As anticipated in the January Monetary Policy Report (MPR), the Bank of Canada said economic growth in the United States appears to be picking up steam, while emerging markets continue to expand at a robust pace. But the recent Japanese earthquake will cause supply disruptions, the monetary authority said. In addition, while Canada's gross domestic product growth is better than anticipated, the expansion is not setting off inflationary alarm bells, the bank said.

Overall, the Bank projects that the economy will expand by 2.9 per cent in 2011 and 2.6 per cent in 2012. Growth in 2013 is expected to equal that of potential output, at 2.1 per cent. The Bank expects that the economy will return to capacity in the middle of 2012, two quarters earlier than had been projected in the January MPR.

To learn more about the Overnight Rate and Prime Rate you can check out articles posted under 'Oakville Real Estate'.

Oakville Real Estate and Homes for Sale in Oakville

04/12/2011 – The article was posted by Ryan Crane, an Oakville Real Estate agent that specializes in the Mississauga, Milton, Burlington, and 'Oakville Real Estate' markets. Find him at

Oakville Real Estate Agents site offers Oakville MLS tools that let you find the Oakville Homes for Sale and gives you access to all Oakville MLS Listings plus Oakville Sold Prices.

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