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.