The Bank of Canada announced that it will be keeping its key interest rate at 0.25%, which is the lowest it has ever been. This decision was made in response to the ongoing economic uncertainty caused by the COVID-19 pandemic. The central bank also stated that it will continue its quantitative easing program to support the economy.
As a result of the Bank of Canada's decision, the big banks in Canada are expected to maintain their prime lending rates at their current levels. This means that borrowing costs for consumers and businesses will remain low, which could potentially stimulate spending and investment in the real estate market. However, the central bank warned that the economic recovery will be gradual and uneven, with the outlook remaining uncertain.
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