January 19th, 2021 Mortgage Industry Update
The Bank of Canada announced on December 9th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.
Additionally this week:– This fall, Canada’s Immigration Minister, Marco Mendicino said the country will welcome more than 1.2 million new immigrants over the next three years, ...
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