Rate Hikes Delayed as Bank of Canada Cuts Economic Forecast
Once again the Bank of Canada has left it's key lending interest rate the same at 1%. This is old news, really, at this point. The bigger story is their cut in Canada's Economic Forecast. They've cut 2013's forecast to just 2% now. Along with this they stated that they will likely delay any rate hikes; possibly until 2014. Last forecast had rates rising in the 3rd or 4th quarter of this year. This is not good news for the economy but is great news for borrowers as it will keep affordability good for financing a home.
Here's the link for the full article in the Globeinvestor section of the Globe n'Mail:
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