Bank of Canada holds interest rates steady
According to the Canadian Real Estate Association (CREA), the Bank of Canada announced on April 16th, 2014 that it was keeping its trend-setting overnight lending rate at 1 per cent, where it has been parked since September 2010. The Bank also published its latest quarterly Monetary Policy Report and updated its economic growth and inflation forecasts.
As of April 16th, 2014, the advertised five-year lending rate stood at 4.99 per cent, down from 5.24 per cent at the previous Bank rate announcement on March 5th, 2014.
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