Steve Baldwin

REALTOR®

Working with you EVERY Step of the Way! 

Cell: 604.317.7810 |

Categories

Bank Prime Rate Increases

 
Prime Lending Rate Increases 0.25% to 2.75%

The Bank of Canada raised its benchmark interest rate by 25 basis points for the second time in two months, even as households and governments in the developed world continue to cut back on spending.

The rate is now 0.75 per cent. The bank said any further increases "would have to be weighed carefully against domestic and global economic developments."

The central bank became the only one in the Group of Seven to hike its key lending rate after keeping it at unprecedented lows during the recession.

While economic growth in Canada has largely relied on consumer spending, the bank now projects that business and trade will make up a larger part of the country's gross domestic product, but overall growth won't be as large as the bank previously thought.

The bank now estimates that Canadian GDP will expand 3.5 per cent in 2010 and 2.9 per cent in 2011, down from the previous projection of 3.7 per cent and 3.1 per cent respectively,


Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.