Bank of Canada Interest Rate Announcement October 25, 2011 - Holding Steady!

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Bank of Canada Holding Interest Rate - October 2011

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Oct 25th, 2011 at 6:19 am

Today, the Bank of Canada announced it's plans to hold it's rate at 1%. This morning's statement shows a very cautious Bank of Canada that is unlikely to make any significant movements on interest rates over the next two to three quarters. Expect the Bank of Canada to remain on the sidelines through at least the first half of 2012. This is good news for anyone looking to borrow. On another note, there are buyers still buying. Some sellers have taken their property off the market until spring (February). As a result, those still in the market have a better chance of selling. Prices have come down and are likely to hold steady for the foreseeable future. It's taking somewhat longer to sell but properties are selling especially in the average pricing levels of the $300Ks. The higher priced properties had a flurry of sales activity over the summer months in response to reduced pricing. Expect slower sales to spring (February) and stable prices over the longer term.

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