The Bank of Canada has increased the overnight lending rate to 4¾%.
Bad news today for those with a mortgage or looking to get one. The Bank of Canada has increased the overnight lending rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%, saying it is a “quantitative tightening” move. Meanwhile, the CD Howe Institute issued a news release almost a week ago asking the Bank of Canada to hold its target for the overnight rate, its benchmark policy interest rate, at 4.50 percent on June 7th, and keep it at that level for the next six months. By June of 2024, the Council recommends a cut to 4.00 percent. CEO Bill Robson says 11 of the 12 member council voted to keep the rate low. He says they never expected it to go higher than 6 percent. Canada’s economy was stronger than expected in the first quarter of 2023, with GDP growth of 3.1%.
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