As of September 5th, 2012, the Bank of Canada has kept its key policy rate on hold at 1 per cent. This is the most time since the 1950s that the rate has remained the same – two years.
According to the press release from the Canadian Real Estate Association on the subject, ‘Although the Bank expects the economic outlook to brighten, it identified a number of downside risks that may force it to lower its expectations. Among these risks are “widespread slowing of activity across advanced and emerging economies,” recognition that “Europe is in recession and its crisis, while contained, remains acute.” It also reiterated that economic growth in China and other emerging economies is braking a little bit harder than it had previously expected. It also noted that economic growth in the United States was continuing at a “gradual pace’.”
The next scheduled rate announcement by the Bank of Canada will be on October 23rd, 2012.
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