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- The Bank of Canada (BoC) today has announced that it will leave their key overnight lending rate alone at 0.5%, therefore the Prime Rate of lending used by major Canadian FI’s for lending to their best business customers should remain at 2.7%. The BoC believes that a Canadian economic upturn is occurring and that its economy is adjusting for lower oil & commodity prices. They see economic activity being underpinned by household spending and strength in certain sectors of the U.S.… Read More
- Today the Bank of Canada (BofC) announced (its fourth of 8 scheduled announcements for the year) that it will not be changing its benchmark key lending rate which directly affects the Prime rate of lending for major FI’s (financial institutions). BofC’s benchmark rate will stay at 0.75% and the Prime rate will likely remain at 2.85%. BofC has been voicing concerns along with a majority of notable economists that weakness in the U.S. economy raises questions about its underlying strength. Meanwhile… Read More
- Canadian Finance Minister Joe Oliver said he’s confident the country’s housing market isn’t in a bubble, setting aside any further action to curb activity. The government, which has made four changes to housing finance rules since 2008 to cool booming sales and rising prices, is satisfied with market dynamics today and isn’t seeking further reform, Oliver said. “We do not see the need for major changes at this time,” Oliver said in the text of a speech he gave Wednesday at a… Read More