{"id":5351,"date":"2015-01-22T11:48:58","date_gmt":"2015-01-22T16:48:58","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=5351"},"modified":"2020-02-17T20:47:28","modified_gmt":"2020-02-18T01:47:28","slug":"breaking-the-bank-of-canada-cuts-interest-rate-to-0-75","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/breaking-the-bank-of-canada-cuts-interest-rate-to-0-75\/","title":{"rendered":"BREAKING: The Bank of Canada Cuts Interest Rate to 0.75%"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5352\" src=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/01\/Facebook-Blog_Market_Jan22.png\" alt=\"Facebook-Blog_Market_Jan22\" width=\"1200\" height=\"627\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/01\/Facebook-Blog_Market_Jan22.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/01\/Facebook-Blog_Market_Jan22-300x157.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/01\/Facebook-Blog_Market_Jan22-1024x535.png 1024w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/01\/Facebook-Blog_Market_Jan22-750x392.png 750w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>By Penelope Graham, <a href=\"http:\/\/www.ratesupermarket.ca\">RateSupermarket.ca<\/a>,\u00a0 <a href=\"http:\/\/www.ratesupermarket.ca\/blog\/\">MoneyWise<\/a><\/p>\n<p>The Bank of Canada is officially worried about the drop in oil prices \u2013 so much so that they have cut central interest rates for the first time since September 2010. The BoC announced this morning in their\u00a0<span style=\"text-decoration: underline;\">January rate announcement<\/span>\u00a0that the overnight lending rate, which sets the Prime rate (the cost of borrowing applied to the banks and sets the cost of variable loans in Canada), has been lowered to 0.75 per cent from 1 per cent.<\/p>\n<p>Stated the Bank in their announcement, \u201cThis decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada.\u201d<\/p>\n<p>The rate cut comes as a surprise; while economists expected that the BoC would lower its growth forecast and hint at how oil may change monetary policy in the near future, it was not anticipated that an actual cut would occur today. In fact, it\u2019s an abrupt about-face from wide-spread belief that there would be a rate hike in late 2015 \u2013 a sentiment felt as recently as the\u00a0<span style=\"text-decoration: underline;\">beginning of January.<\/span><\/p>\n<p>What does this mean for consumers, the economy\u2026 and YOUR mortgage rate?<\/p>\n<p><strong>The Economic Impact<\/strong><\/p>\n<p>The Bank of Canada has projected an economic downturn based on the price of oil resting at $60 USD per barrel. While prices are currently lower than that, the Bank does expect they will moderate in the medium term. The Bank has lowered its overall economic outlook from its October release to 2.1 and 2.4 per cent in 2015 and 2016. That\u2019s down from 2.5 and 2.3 per cent, respectively.<\/p>\n<p>They also anticipate that the economy will rebound and reach capacity by the end of 2016.<\/p>\n<p>However, the fallout will be keenly felt in the meantime as business investment in the energy sector dwindles. Stated the Bank, \u201cCanada\u2019s weaker terms of trade will have an adverse impact on incomes and wealth, reducing domestic demand growth.\u201d<\/p>\n<p>Inflation will also take a temporary hit: \u201cTotal CPI inflation is projected to be temporarily below the inflation-control range during 2015, moving back up to target the following year. Underlying inflation will ease in the near term but then return gradually to 2 per cent over the projection horizon.\u201d<\/p>\n<p>Just as they have in the past to alleviate post-recession credit pressures, the Bank\u2019s rate cut is to \u201cprovide insurance\u201d against the negative fall out of oil, to keep consumers spending, and to avoid a credit crunch. The move is intended to \u201cstrengthen investment and growth, and bring the Canadian economy back to full capacity and inflation to target within the projection horizon.\u201d<\/p>\n<p><strong>Your Mortgage Rate<\/strong><\/p>\n<p>If you\u2019re a variable mortgage rate holder, your monthly mortgage payments are in for a discount: because variable mortgage rates rise and fall with the Prime rate, lenders will respond by lowering their pricing. At present time, it\u2019s unsure by how much \u2013 Prime is currently 3 per cent, and any discounts will correlate with how much it\u2019s lowered. Historically, Prime has corresponded to an Overnight Lending Rate hike within the range of\u00a0<span style=\"text-decoration: underline;\">25 \u2013 50 basis points<\/span>.<\/p>\n<p>What is for certain: take advantage of any lower monthly debt servicing costs you may experience and save the difference.<\/p>\n<p>While the Prime Rate doesn\u2019t directly affect fixed mortgage rates, the Bank of Canada\u2019s dire stance could affect bond investor sentiment. Currently,\u00a0<span style=\"text-decoration: underline;\">bond yields are at historic lows<\/span>, and fixed rates remain very competitively priced. However, with the Bank displaying a lower level of confidence in the economy, investors could change their tune, and sell off their bonds, meaning yields, and fixed rates, could rise.<\/p>\n<p><strong>The Housing Market<\/strong><\/p>\n<p>If history is any precedent, Canadians love to take advantage of record low borrowing costs \u2013 and this rate cut won\u2019t be an exception. Those who can afford to buy homes will continue to do so, and at an increased level of borrowing affordability.<\/p>\n<p>But we can\u2019t ignore the impact of sliding oil on jobs. Oil is a huge employer in Canada, especially in the western provinces. There will be a ripple effect as investment is pared back within the industry, along with cuts to the workforce. Already, there have been layoffs at Calgary oil companies &#8211;\u00a07,000 workers were let go today from Baker Hughes Inc. as a result of lower crude prices.<\/p>\n<p>Decreased buying power from job loss could have a negative impact on the market and soften prices. On the flipside, sidelined would-be buyers who have been priced out of the market could see any real estate price decrease as a golden window of opportunity and push prices back up.<\/p>\n<p>It remains to be seen just how the rate cut will affect borrowing costs and consumer behaviour. We\u2019ll keep reporting along with new developments.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Penelope Graham, RateSupermarket.ca,\u00a0 MoneyWise The Bank of Canada is officially worried about the drop in oil prices \u2013 so much so that they have cut central interest rates for the first time since September 2010. The BoC announced this morning in their\u00a0January rate announcement\u00a0that the overnight lending rate, which sets the Prime rate (the [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":5352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[196,172],"tags":[],"class_list":["post-5351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-of-canada","category-mortgage-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BREAKING: The Bank of Canada Cuts Interest Rate to 0.75% | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"By Penelope Graham, RateSupermarket.ca,\u00a0 MoneyWise The Bank of Canada is officially worried about the drop in oil prices \u2013 so 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