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The Latest Announcement about Bank of Canada Interest Rate

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Banking industry in Canada is indeed one of the most active industries in the different parts of Canada. Probably, the main reason why bank industry in Canada is continually rising because of finances, money circulation and the need of people for money. People in Canada usually love to do different transactions with banks in the country. Canada is a place where many stable and large banks are located.

 

On July 16, 2014, Stephen Poloz, Governor Of Bank of Canada announced that the overnight lending rate remains at 1.00% rate for another incoming six weeks. This announcement made by Bank of Canada Governor Stephen Poloz is not a surprise for everyone in Canada. Lending rate remains at 1.00% which is a relief for many mortgage holders for now. 1.00% rate allows a variable rate for many mortgage holders who are holding mortgage rates attached to the Prime rate. So, for about for another six months, many mortgage holders can get 1.00% rate only.

 

Fitch Ratings and Morningstar also announced that Canadian housing market is over estimated for about 20 up to 30 % in the past two weeks. The Fitch also fear that the level of Canada’s household makes the interest and unemployment increase. Fitch believes that there is a tendency that there would be 20% correction in the market rate and interest rate. Morningstar also gave prediction that the interest rate will be closer to 30% and noted that the interest rate fall for the past few years which led to a drop in the cost of Canada’s housing.

 

The latest announcement of Bank of Canada about interest and other matters can help many Canadian residents acquire reliable information about the latest trend in the banking situation and system in Canada. The banking system and interest rate can affect the lives and bank transactions of people in the different banks in Canada.

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