October 23, 2024
The Bank of Canada cut its benchmark interest rate today by .50%, the fourth consecutive decrease since June, bringing its policy rate to 3.75%.
In the statement accompanying the decision, the Bank indicated “If the economy evolves broadly in line with our latest forecast, we expect to reduce the policy rate further.”
The final rate decision date for 2024 is December 11.
September 4, 2024
The Bank of Canada lowered its overnight lending rate this morning by .25% from 4.5% to 4.25%.
The Bank’s third consecutive interest rate cut was widely expected given the ongoing softness in the economy and easing inflation.
The next interest rate decision date is scheduled for Oct. 23, 2024.
July 24, 2024
The Bank of Canada, in back-to-back cuts, lowered its key interest rate this morning by .25% from 4.75% to 4.50%. The Bank indicated the decision was motivated by continued progress on getting inflation down as well as weakening economic conditions. The Bank’s concern about the state of the economy and the risk of keeping rates high for too long suggests more rate cuts are coming.
The central bank’s next interest rate decision is scheduled for Sept. 4, 2024
June 5, 2024
Today, the Bank of Canada lowered its key interest rate by a .25% to 4.75%. This is the bank’s first rate cut since March 2020.
In its announcement this morning, the Bank indicated Canadians can reasonably expect more cuts so long as inflation continues to ease, and the Bank maintains its confidence that inflation is steadily approaching the Bank’s 2.0% goal.
The Bank’s next interest rate decision comes on July 24, 2024.
April 10, 2024
The Bank of Canada today held its key interest rate at 5.0% for the sixth consecutive time since July, 2023.
A widely held belief in financial markets is that today’s rate hold by the Bank of Canada will be it’s last before embarking on a series of rate cuts starting at its next rate announcement date in June.
March 6, 2024
As economists widely expected, the Bank of Canada in this morning’s rate decision held its key interest rate steady at 5.0%.
It is expected the Bank will begin lowering interest rates around the middle of the year. Attention now shifts to April 10th, the Bank’s next meeting date and the first in which a rate cut is a possibility.
January 24, 2024
The Bank of Canada announced today it is holding its key interest rate at 5.0%, keeping its benchmark rate the same for the fourth time in a row. The bank also signaled it has begun discussing when it should start cutting rates.
The Bank’s next interest rate decision comes on March 6, 2024.
December 6, 2023
As widely expected, the Bank of Canada today, in its third consecutive decision, left its benchmark interest rate unchanged at 5.0%. With a slowing economy and downward momentum in core inflation, it appears the Bank’s rate-tightening cycle may be coming to an end.
The Bank’s next meeting date is January 24, 2024.
October 25, 2023
Amid signs of cooling in the economy and easing in inflation the Bank of Canada today held its key interest rate at 5.0%, but hasn’t ruled out future rate hikes as its latest projections show inflation remaining higher than its 2.0% target.
The Bank’s next meeting date is December 6, 2023.
September 6, 2023
The Bank of Canada held its key interest rate at 5.0% this morning, deciding against another rate hike as the economy begins to slow.
However, the Bank noted persistent inflationary pressures are a concern and could still lead to future rate increases.
The next scheduled rate announcement date is October 25, 2023.
July 12, 2023
As was widely expected, the Bank of Canada raised its key interest rate by 0.25% this morning, bringing it to 5.0%. This marks the first time since April 2001 that the figure has hit 5.0%.
The rate hike was prompted by a stronger than expected economy and continued underlying inflation pressures. The Bank now forecasts a return to its 2.0% target in mid-2025 rather than in 2024.
The central bank didn’t indicate whether it plans to raise rates again at its next scheduled meeting date on September 6th and instead said its governing council will continue to monitor how the economy evolves.
June 7, 2023
The Bank of Canada raised its key interest rate by 0.25% today, its first increase since pausing hikes in January. The rate now sits at 4.75%, the highest it’s been since April 2001.
In its statement accompanying the decision, the Bank says its governing council determined interest rates are not high enough to rebalance the economy and bring inflation back to its 2.0% target. While inflation has come down significantly, core inflation has been stubbornly trending around 4.0%. Speculation among economists is the Bank will likely raise its overnight rate at least once more to 5.0%.
The next scheduled rate announcement date is July 12, 2023.
April 12, 2023
The Bank of Canada announced today it is holding its key interest rate steady at 4.5%, keeping monetary policy in a holding pattern with the expectation that inflation will continue to fall in the coming months. The widely anticipated move reinforces the bank’s decision last month to pause its rate-hike campaign after eight consecutive increases. The Bank of Canada continues to expect the inflation rate to fall to 3.0% by mid-year and back down to its target of 2.0% by the end of 2024.
The Bank’s next rate announcement date is June 7, 2023.
March 8, 2023
The Bank of Canada announced today it is holding its key interest rate steady at 4.5% but made clear it’s still prepared to raise rates further depending on how inflation and the economy progress. This is the first time in a year that the rate has remained unchanged.
Recent data shows inflation slowed to 5.9% in January. The Bank of Canada says it still expects the annual inflation rate to fall to around 3.0% by mid-year.
The next scheduled rate announcement date is April 12, 2023.
January 25, 2023
The Bank of Canada, this morning, raised its key interest rate by 0.25%. This is the eighth consecutive rate hike since March 2022.
On a more positive note, in a statement accompanying the rate hike the Bank indicated it expects to hold the rate at its current level while it assesses the impact of its increases to date.
Its key interest rate now stands at 4.5%, the highest it’s been since 2007.
December 7, 2022
The Bank of Canada, today, raised its key interest rate by 0.5% bringing it to 4.25%. After a year of aggressive rate tightening the Bank signaled further rate hikes may be at or very close to an end.
The Bank’s next rate announcement date is January 25, 2023.
October 26, 2022
The Bank of Canada, today, raised its key interest rate by 0.50%, bringing it to 3.75%, its highest level since 2008, and said rates will need to rise further to clamp down on decades high inflation.
Since March, the central bank has raised its key interest rate six consecutive times, bringing it from 0.25% to 3.75% in one of the fastest monetary policy tightening cycles in its history.
The Bank of Canada’s next rate announcement is scheduled to take place on December 7.
September 7, 2022
The Bank of Canada raised its key interest rate by 0.75% today and signalled this won’t be the last increase this year as it continues its battle against high inflation. The move Wednesday is the fifth consecutive interest rate increase this year and brings the bank’s key rate to 3.25%.
The Bank’s last two meeting dates for 2022 are scheduled for October 26 and December 7.
July 13, 2022
The Bank of Canada, in a surprise move, raised its key interest rate by a full percentage point, marking the largest single hike since August 1998. Economists had been expecting the Bank to raise its rate by three-quarters of a percentage point. The central bank’s key interest rate now sits at 2.5%.
The Bank’s next interest rate announcement date is scheduled for September 7, 2022.
June 1, 2022
Today, the Bank of Canada increased its key interest rate by half a percentage point to 1.5%, its third interest rate hike this year. This marks the first back-to-back half-point rate hikes in more than two decades. The Bank also warned it may need to raise its key rate to 3.0% or beyond to rein in inflation, which is now at its highest level in 30 years.
The Bank’s next meeting date is scheduled for July 13, 2022.
April 13, 2022
The Bank of Canada raised its key interest rate by 0.5%, the highest amount since May 2000.
Siting stubbornly high inflation through the first quarter of the year and unemployment in Canada hitting a record low, the Bank signaled that interest rates will need to rise further and that the pace will be much faster than previously anticipated in bringing its key rate back to a neutral level, between 1.75% and 2.75%.
The Bank’s next meeting date is scheduled for June 1, 2022.
March 2, 2022
The Bank of Canada this morning raised its key interest rate by .25% to 0.5% for the first time since slashing its benchmark rate at the start of the COVID-19 pandemic. The Bank noted it expects the fallout from the invasion of Ukraine to add a major new source of uncertainty to the global economy including upward pressure on inflation and the need for rates to rise further.
January 26, 2022
The Bank of Canada is keeping its key interest rate unchanged at 0.25%, holding off on planned increases aimed at controlling surging inflation, but warning it won’t stay there for much longer. This is a clear signal that the Bank will soon begin raising rates, likely at its next meeting in March.
December 8, 2021
The Bank of Canada announced today it is keeping its key interest rate unchanged at 0.25%. The bank also said it doesn’t expect to raise the trendsetting rate until sometime between April and September next year, which is unchanged from its previous guidance.
October 27, 2021
In an announcement this morning the Bank of Canada is keeping its key interest target on hold at 0.25%. The Bank, in its extraordinary forward guidance, stated it will hold the overnight rate at 0.25% until slack in the economy is absorbed and inflation sustainably returns to its 2% target but pulled forward when it expected this to occur from the second half of 2022 to the middle quarters of 2022.
September 8, 2021
The Bank of Canada is keeping its key interest target on hold at 0.25%. In announcing its decision today, the Bank repeated its commitment to hold its trendsetting rate at near-zero until the economy is ready to handle an increase in rates, which it doesn’t expect to happen before the second half of 2022.
July 14, 2021
In an announcement this morning the Bank of Canada maintained its overnight rate at 0.25%. Relying on what it calls “extraordinary forward guidance” the Bank is committing to leaving the overnight rate at 0.25% until slack in the economy is absorbed and inflation sustainably returns to its 2.0% target. This, the Bank continues to project will not occur until the second half of 2022.
June 9, 2021
The Bank of Canada maintained its overnight rate at 0.25% this morning, a level it considers its effective lower bound. The Bank reiterated what it calls “extraordinary forward guidance” in committing to leaving the overnight rate at 0.25% until slack in the economy is absorbed and inflation sustainably returns to its 2% target. The Bank projects that will not occur until the second half of 2022.
April 22, 2021
In an announcement Wednesday, the Bank of Canada maintained its benchmark interest rate unchanged at a record-low 0.25% until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent target. The Bank is now projecting that will occur in the second half of 2022 rather than in 2023.
March 10, 2021
The Bank of Canada announced this morning it is keeping its key interest rate target on hold at 0.25%, saying economic conditions still require it even if things are going better than anticipated.
The bank says its key policy rate will stay at 0.25% until the economy recovers and inflation is back at its 2.0% comfort zone, which it doesn’t see happening until 2023.
The key policy rate has been at 0.25% for almost exactly one year after the central bank cut rates three times last March at the onset of the COVID-19 pandemic.
March 1, 2021
In a news release today the BC government says it will introduce legislative changes to extend the current rent freeze through to the end of this year. Tenants can disregard any notice of a rent increase that would have taken effect before Jan. 1, 2022. Starting next year rent hikes will be capped at the rate of inflation.
The bill also clarifies language in the Manufactured Home Park Tenancy Act to address conflicts between park rules and tenancy agreements.
January 20, 2021
The Bank of Canada announced today it is maintaining its key interest rate at 0.25%. The Bank committed to leaving the overnight rate at 0.25% until slack in the economy is absorbed and inflation sustainably returns to its 2% target. This is projected not to occur until 2023. The next scheduled date for announcing the overnight rate target is March 10, 2021.
December 9, 2020
The Bank of Canada today announced it is keeping its key interest rate target on hold at 0.25%.
The announcement marks the last interest rate decision the central bank will make this year, after an extraordinary 2020 that saw it slash rates in response to the economic crisis caused by COVID-19.
November 9, 2020
The BC government announced today it has extended a freeze on rent increases through to the summer. Originally, the rent freeze was set to expire on Dec. 1, 2020 but now, has been extended until July 10, 2021. Any rent increases set to happen on Dec. 1 have been cancelled and tenants can continue to pay their current rent amount until July, 2021.
Landlords cannot combine 2020 rent increase and 2021 rent increases. The maximum rent increase amount in 2021 cannot exceed 1.4%. The earliest a landlord can issue a new notice of rent increase is April 11, 2021.
October 28, 2020
The Bank of Canada today announced it is leaving its key rate unchanged at 0.25%.
The bank has kept its rate at 0.25 per cent since March 27, 2020 in response to the coronavirus pandemic and hinted this rate may remain unchanged into 2023.
September 9, 2020
The Bank of Canada announced it is holding the key overnight rate at 0.25 percent.
Next rate announcement is on October 28, 2020.
July 15, 2020
As expected, the Bank of Canada is keeping its benchmark interest rate at 0.25 per cent. The bank’s rate decision suggests there are no plans to deviate from that strategy until the national economic picture improves. The key interest rate has been at 0.25 per cent since March, when the central bank cut it sharply in response to the economic harm from COVID-19.
The next interest rate announcement is scheduled on September 9, 2020.
June 3, 2020
The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent. The Bank noted that incoming data seems to signal the impact of COVID-19 on the economy has peaked and the Canadian economy appears to have avoided the most severe scenario the Bank had previously presented as a possible outcome of COVID-19, though it does expect a significant decline in the level of GDP in the second quarter. However, the Bank goes on to say positive growth is expected to resume in the third quarter.
April 15, 2020
The Bank of Canada announced today it is holding its benchmark interest rate at 0.25%. The central bank says the current rate is as low as it can go to combat the Covid-19 pandemic. The next scheduled interest rate announcement is on June 3, 2020.
March 27, 2020
For the second time this month, the Bank of Canada cut its key interest rate by half a percentage point to 0.25% in an unscheduled rate announcement today.
The central bank said its decision to lower rates is aimed at cushioning the economic shocks from COVID-19 crisis and a sharp drop in oil prices by easing the cost of borrowing.
The Bank of Canada last cut rates to these levels in 2009, during the global financial crisis.
March 25, 2020
The Government of B.C. announces amendments to the Residential Tenancy Act which will be in effect for the duration of the provincial state of emergency. See News, 2020 Allowable Rent Increase section.
Further information is also available at: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/covid-19
March 13, 2020
The Bank of Canada today, in an emergency policy action, again lowered its key interest rate by half a percentage point to 0.75 per cent. This follows the previous cut of half a percentage point to 1.25 per cent on March 4, 2020. Today’s move is in response to the spread of COVID-19, which according to the Bank is having serious consequences on Canada’s economy.
March 4, 2020
The Bank of Canada followed the U.S. Federal Reserve’s lead and, today, cut its benchmark interest rate by half a percentage point to 1.25 per cent down from 1.75 per cent in an effort to soften the economic impact of the corona virus outbreak.
The cut in the bank’s key rate is the first since the summer of 2015 and brings the rate to a level it hasn’t been at since early 2018.
January 22, 2020
The Bank of Canada is keeping its key interest rate on hold at 1.75%.
In determining the future path for the Bank’s interest rate policy, Governor Stephen Poloz said the Bank will be paying particular attention to developments in consumer spending, the housing market, and business investment.
The next scheduled rate announcement date is March 4, 2020.
December 4, 2019
The Bank of Canada kept its key interest rate unchanged in its final rate decision of 2019. The central bank announced that it maintained the target for the overnight rate at 1.75%, where it has stood since October, 2018.
October 30, 2019
The Bank of Canada kept its key interest rate on hold Wednesday positioning the country as an exception among advanced economies that have already started responding to the weakening world economy by easing monetary policy. The next scheduled rate announcement date is December 4, 2019.
September 4, 2019
The Bank of Canada, as widely expected, has kept its benchmark interest rate at 1.75%. BoC appeared to be in no rush to change the rate, even as central banks in the U.S. and Europe have signalled they may introduce cuts to respond to weakened global economic activity. The next scheduled date for announcing the central bank rate is October 30, 2019.
July 10, 2019
The Bank of Canada is leaving its key interest rate unchanged. The decision kept the interest rate at 1.75% for a sixth-straight meeting.
May 29, 2019
The Bank of Canada has decided to maintain its benchmark interest rate at 1.75% at its May 29 meeting. The central bank also appeared to be in no hurry to move the interest rate any time soon making no mention of a need for future increases.
April 24, 2019
The Bank of Canada is keeping its benchmark interest rate at 1.75% and appears to be in no hurry to move the interest rate any time soon. The decision leaves the trend-setting rate unchanged for a fourth-straight announcement following a series of five hikes between mid-2017 and last fall.
March 2019 Western Investor
Mobile Home Parks remain the most affordable residential investment in British Columbia.
Link to full article: https://bit.ly/2ub9w91
March 6, 2019
The Bank of Canada decided to hold its benchmark interest rate unchanged and said the timing of possible future hikes has become increasingly uncertain. The Bank meets eight times a year to set its interest rate with the next meeting scheduled for April 24.
January 9, 2019
The Bank of Canada is keeping its benchmark interest rate unchanged in its first policy decision of 2019. The bank last raised its rate in October 2018, the fifth time since the summer of 2017. Economists and other financial industry experts expect the Bank of Canada will raise rates again this year to achieve its inflation targets. The next scheduled rate announcement date is March 6, 2019.
December 12, 2018
In April 2018, BC Premier John Horgan appointed a Rental Housing Task Force to advise on how to improve security and fairness for renters and rental housing providers throughout the province.
The rental task force has filed its final report with 23 recommendations for the BC government to consider aimed at making the rental process fairer for tenants and landlords.
A couple of recommendations in the report may have an effect on mobile home parks. Following is a link to the full report: https://bit.ly/2TEDmSq
