The Bank of Canada interest rate is staying the same for June 2020 as COVID-19 continues to put pressure on the economy.
In March 2020, the Bank of Canada (BOC) lowered the interest rate to 0.25% and it has not been changed since.
On June 3, 2020, the BOC kept it the same again. The difference this month, however, was that they did see some signs of improved financial conditions.
These improvements led them to ease some market operations that were put in place for COVID-19 stimulus.
Overall, the BOC stated that incoming data confirms “the severe impact of the COVID-19 pandemic on the global economy” and they will continue to monitor conditions moving forward.
See the full release and what it could mean for the Canadian housing market on the GeoWarehouse blog. Access it here: https://www2.geowarehouse.ca/bank-of-canada-interest-rate-june-2020/