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Bank of Canada Holds Rate - Any Loans Attached To The Prime Rate Will Not Change

This morning, Bank of Canada gave another update in response to a stronger-than-expected rebound from the pandemic. The outlook of the economy has improved for both the global and Canadian economies and so the Bank of Canada has now adjusted their plans to hold rates until the second half of 2022, instead of January 2023 which they mentioned in their previous announcement. Bank of Canada will still continue its Quantitative Easing (QE) program to keep fixed rates from increasing quickly. The 1st quarter was considerably stronger than the Bank's January forecast. As people adapt to COVID, there are more job gains. However, new lockdowns will pose another setback and there are still uncertainties moving forward. Inflation is expected to rise temporarily and Bank of Canada will not adjust rates until it can return and sustain at 2%. If you'd like to learn more or if you have any questions, please feel free to contact us and we'd be glad to help!

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