The Bank of Canada delivered some good news Tuesday for anyone diving into the real estate market and hoping to borrow money.
The central bank announced that it’s leaving its key policy interest rate unchanged at one per cent, meaning the cost of borrowing in Canada should remain at historically low levels until at least April, when the bank is expected to re-evaluate rates.
"The recovery in Canada is proceeding slightly faster than expected and there is more evidence of the anticipated rebalancing of demand," the bank said. "While consumption growth remains strong, there are signs that household spending is moving more in line with the growth in household incomes."
Meanwhile, the loonie retreated from its previous three-year high. It closed at nearly US$1.03 Monday and moved down slightly Tuesday. While the above-parity rate may be a boon to cross-border shoppers, the central bank described the high Canuck dollar as an anchor weighing down expectations for stronger growth.
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Terms |
Posted Rates |
Our Rates |
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6 MONTHS |
4.45% |
3.95% |
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1 YEAR |
3.35 |
2.54% |
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2 YEARS |
3.60% |
3.20% |
|
3 YEARS |
4.41% |
3.59% |
|
4 YEARS |
4.94% |
3.79% |
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5 YEARS |
5.19% |
3.99% |
|
7 YEARS |
6.09% |
4.75% |
|
10 YEARS |
6.40% |
5.15% |
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Rates are subject to change without notice. *OAC E&OE |
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Prime Rate is 3.00%.*
*Currently, Prime rate may vary according to lender. Check with your mortgage professional for full variable-rate mortgage pricing details. Rate discounts of up to 1.40%. rates are subject to change without notice. O.A.C., E. & O.E.
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