Mark your calendars!

The Bank of Canada has released its schedule for 2023’s interest rate policy announcements.

The Bank carries out monetary policy by influencing short-term interest rates. It does this by adjusting the target for the overnight rate on eight fixed dates each year.
Rates will be annouced as follows:
January 25th- Interest rate announcement & Monetary Policy Report
March 8th – Interest rate announcement
April 12th- Interest rate announcement & Monetary Policy Report
June 7th – Interest rate announcement
July 12th- Interest rate announcement & Monetary Policy Report
September 6th – Interest rate announcement
October 25th- Interest rate announcement & Monetary Policy Report
December 6th – Interest rate announcement
In 2022 we saw most of these dates in the third and fourth quarter result in increases in the prime rate. This helped soothe the red-hot sellers’ market by reducing demand and inflation. It also has made it more difficult for first-time homebuyers to receive lending.  Take a look at the most recent data below:

Do you want to know more about how this will impact your real estate goals?

Get in touch!

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