The Bank of Canada's Key Interest Rate is at its Lowest Level
On April 21, the Bank of Canada announced a one-quarter of a percentage point cut to its key interest rate, bringing the rate to 0.25 per cent. The Monetary Policy Report indicates that the key interest rate has reached its floor and should remain at this level until the end of the second quarter of 2010. The key interest rate has undergone a cumulative decline of 4.25 percentage points since December 2007. At the same time, in March mortgage rates reached their lowest level in more than half a century.
Source: GMREB
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