Bank of Canada Holds Rates Steady by Tammy Dufault
In its final announcement of 2021, the Bank of Canada kept its policy rate at 0.25%.
Global economic recovery from the pandemic is progressing steadily, with inflation increasing globally due to high demand for goods amidst supply chain disruptions.
The Canadian economy had considerable momentum into the fourth quarter, with employment gains in recent months that have brought the employment rate close to its pre-pandemic level.
Housing market activity had been moderating for a short time but is regaining strength, particularly in the resale market.
Looking ahead, the Bank is remaining committed to keeping its policy interest rate at this lower bound until inflation slows, which is projected to occur in the middle quarters of 2022. There is an outlook of more than a 50% chance of a first hike by March.
Source of information: The Canadian Real Estate Association
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