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%.
Coast Guard "pleased" with grounded cargo vessel removal process to date happening in Lark Harbour
RNC on the East Coast conducts bike safety session for cyclists
Comedian Trent McLellan is home in Corner Brook to emcee the NL Summer Games opening ceremonies
Resolve Marine gives an update on the removal of a stranded cargo ship near Lark Harbour
North Harbour Resource Road in the Pasadena area is closed this week
