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Blog by Micah Verceles

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Bank of Canada Holds Rates

At 10 am eastern, the Bank of Canada made its sixth interest rate decision of the year and the first under its newly appointed Governor Tiff Macklem.

The decision itself – no change – is unsurprising as the Bank has repeatedly stated that it has no intention of reducing the rate below its current 0.25%.

However, the Bank did have some new things to say about the impact of the COVID-19 pandemic on the global economy – that it “appears to have peaked” due to “massive policy responses” by governments – and that financial conditions “have improved.”

This is the first sign of good news since the pandemic was declared in March and should help to engender confidence for Canadians who are contemplating real estate purchases this summer.