Zoocasa
Real Estate Sold Prices
Calculator
Map
Property Trends & Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
Zoocasa
Home Bank of Canada

Bank of Canada Keeps Overnight Rate Steady at 0.25%

Zoocasa by Zoocasa
June 4, 2020
in Bank of Canada
1 min read
Bank of Canada Keeps Overnight Rate Steady at 0.25%
Share4
Tweet
Share
4 Shares

At their rate announcement on June 3, 2020, the Bank of Canada (BoC) opted to leave the overnight lending rate unchanged at 0.25%, pointing to improving economic and market indicators. This announcement is in line with expectations that the BoC set at the last rate announcement in April 2020 – where it noted that the current lending rate could be considered its “effective lower bound” or that no further rate cuts were being planned.

At the June announcement, the BoC highlighted that although uncertainty about how economic recovery will unfold remains, it anticipates the economic impact from the pandemic has reached a peak. 

Mortgage Borrowers Face No Immediate Impact

With no change to the overnight lending rate, variable mortgage borrows can expect their mortgage payments to remain unchanged for now. This is directly due to the fact that the rate set by the BoC is used by banks in Canada to determine their own variable mortgage rates and credit lending rates. 

Fixed-rate borrowers coming up on a mortgage renewal or refinancing will be able to take advantage of the current low rate environment. Those who are not coming up on a renewal or do not require refinancing will see no changes to their ongoing payments.

Read the full announcement from the BoC here.

Previous Post

Toronto Home Sales Rise 55% Since April, Average Price Down 5% From February: TRREB

Next Post

Anti-Racism and Our Zoocasa Values: A Note From Zoocasa’s CEO

Zoocasa

Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings on zoocasa.com or download our free iOS app.

Related Posts

Reality Check: Interest Rates Are Rising, Securing A Mortgage Now is Best for Buyers
Affordability

Reality Check: Interest Rates Are Rising, Securing A Mortgage Now is Best for Buyers

April 22, 2022
Bank of Canada Raises Interest Rates: What it Means for Home Buyers and Sellers
Affordability

Bank of Canada Raises Interest Rates: What it Means for Home Buyers and Sellers

April 13, 2022
The Bank of Canada Raises Rates: What You Need to Know
Bank of Canada

The Bank of Canada Raises Rates: What You Need to Know

March 2, 2022

Blog Search

No Result
View All Result

Recent Articles

Five Fixes to Maximize Property Value Before Selling Your Home

Five Fixes to Maximize Property Value Before Selling Your Home

May 20, 2022
The Most Viewed Homes in April 2022

The Most Viewed Homes in April 2022

May 18, 2022
Entering a Balanced Market Spells Relief for Many Buyers: CREA

Entering a Balanced Market Spells Relief for Many Buyers: CREA

May 16, 2022
New Owner of the Cheapest Home in GTA has Big Plans for Her “250 Square Feet of Paradise”

New Owner of the Cheapest Home in GTA has Big Plans for Her “250 Square Feet of Paradise”

May 13, 2022
first-time home buyer programs and rebates

Featured Listings (Updated Weekly)

Updated: 7 Houses Under $900,000 For Sale in Mississauga

Updated: 7 Houses Under $900,000 For Sale in Mississauga

May 11, 2022
Hidden Gems in London, ON Currently Listed for Sale Under $540,000

Hidden Gems in London, ON Currently Listed for Sale Under $540,000

May 6, 2022
Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

May 3, 2022
The Cheapest Toronto Condos Currently Listed for Sale Under $600,000

The Cheapest Toronto Condos Currently Listed for Sale Under $600,000

May 2, 2022

Social Media

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

About Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.

Newsletter Sign-up

Join 130,000+ weekly subscribers. Don’t miss important real estate news, market data, and buying and selling tips: sign-up here.

Social Media

Zoocasa Tools

MLS Listings Canada
Search Sold Listings
iOS App
Android App
Find an Agent
Contact Us

  • Homes & Real Estate Properties
  • Terms of Use
  • Privacy Policy
  • Contact Us

© 2015 - 2022 Zoocasa Realty Inc., Brokerage

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

© 2015 - 2022 Zoocasa Realty Inc., Brokerage