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- 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
- Alas, today the big Canadian banks are finally seeing fit to lowering their prime lending rates by 0.15% to 2.85% from 3%. This move made after initially indicating, last week, that they would not change their Prime rates when the Bank of Canada (BoC) lowered it's Key rate by 0.25% on January 21st. The last time that the banks did not follow suit exactly with the BoC was in December 2008 when the BoC lowered it's Key rate by 0.25%… Read More