The Bank of Canada interest rate continues to remain at the effective lower bound. In March 2020, The Bank lowered the interest rate to 0.25% and it has not been changed since.
This is primarily because the government is focused on facilitating economic activity that has severely been affected by COVID-19
The Bank has also announced that the monetary policy measures, launched earlier this year, such as the Quantitative easing (QE) program will continue to remain in place.
Lower interest rates can enable more Canadians to enter the housing market.
While there is an opportunity for increased activity in the housing market, there are a variety of opinions on the outlook for the real estate industry in Canada. Read more on the GeoWarehouse blog. Access it here: https://www2.geowarehouse.ca/bank-of-canada-interest-rate-july-2020/
Find the full Bank of Canada announcement here: https://www.bankofcanada.ca/2020/07/fad-press-release-2020-07-15/