Bank Of Canada Continues To Keep Rates Low

Bank of Canada has announced that they have no plan to change their target overnight benchmark rate until the inflation rates go back down to 2%, which they do not believe is likely until 2023. They have made the decision for it to remain at 0.25%. Though, the economy is showing some signs of recovery from the Covid-19 impact things are still a long way from normalcy.

With interest rates being so low, now may be the time to consider buying a home or refinancing your mortgage. If you are a first-time home buyer there is no better time to obtain a mortgage pre-approval.

*Derived from Lisa Belanger BA, AMP & Jeanette Oliver, AMP

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