Mortgage Blog

Bank of Canada Rate Annoucement - April 24, 2019

April 24, 2019 | Posted by: Ken Fadel

The BoC kept its target for the overnight rate unchanged at 1.75% for a fourth straight time in an announcement that also included a downgraded 2019 growth forecast.  In January, the bank was expecting Canada's economy to grow by 1.7% this year, today it revised that forecast significantly downward to 1.2%.

The BoC is projecting growth of just 0.3% in the first quarter of 2019, though it's predicting the economy will pick up in the second quarter based on stronger expectations for housing activity, consumption and business investment.

The Bank also appears to be in no hurry to move the policy rate any time soon as unlike recent statements, the announcement today included no mention of a need for future increases.

The next annoucement is scheduled for May 29.

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