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Bank of Canada holding target overnight rate at 1% - Tips from your local South Surrey/White Rock Realtors

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Blog by Bettina Reid | December 3rd, 2014


The Bank of Canada once again held it's target overnight rate at 1%. This is the longest the rate has held at this point since the 1950's. Economists are forecasting the rate to slightly increase towards the end of next year by 25 basis points. But this forecast essentially helps to keep mortgage rates low until later in the year next year. Making it a perfect time to get into the market or make a new purchase. 

I expect 2015 to be another good year for people looking to buy or sell a home. It will be interesting to see if this holds true.