Sanjay Babbar
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RE/MAX Realty One Inc, Brokerage

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BANK OF CANADA - Bank of Canada keeps benchmark rate at 0.5% (IT MEANS MOST BANKS PRIME RATE WILL REMAIN AT 2.85%).

 

The Bank of Canada has opted not to lower or raise its benchmark interest rate, choosing to keep it at 0.5 per cent.

Economists had been expecting the bank to keep its trendsetting target for the overnight rate where it is now. A few believe, however, that another cut might be possible later in the year unless the economic picture improves.

The next scheduled date for announcing the overnight rate target is 2016-01-20.

 

DateTarget (%)Change (%)

2015-12-02

2015-10-21

09 Sep, 15

15 July 2015

27 May 2015

0.50

0.50

0.50

0.50

0.75

---

---

---

-0.25

---

15 April 20150.75---
4 March 20150.75---
21 January 20150.75-0.25
3 December 20141.00---
22 October 20141.00---
3 September 20141.00---
16 July 20141.00---
4 June 20141.00---

April 16, 2014  1:00%

March 4, 2014 1:00%

22 January 20141.00
4 December 20131.00 
23 October 20131.00

4 Sep. 2013 1.00%

17 July 2013 1.00%

29 May 2013 1.00%

17 April 2013 1.00%

6 March, 2013 1.00%

23 January, 2013 1.00%

4 December 2012 1.00%

23 October 2012 1.00%

5 September 2012 1.00%

17 July, 2012 - 1.00%

5 June 2012 - 1.00%

April 17,2012 - 1.00%

March 8, 2012 - 1.00%

January 17, 12 - 1.00%

December 6, 11-1.00%

October 25, 11 - 1.00%

September 7, 11 - 1.00%

July 19, 11 - 1.00%

May 31, 2011 - 1.00%

12 April, 2011 1.00%

1 March 2011 1.00%

7 December, 2010 1.00%

19 October 2010 1.00%

8 September 2010 1.00% (+0.25)

20 July 2010 0.75% (+0.25)

1 June 2010 0.50 (+0.25)

20 April 2010 0.25 ---

2 March 2010 0.25 ---

19 January 2010 0.25 ---

8 December 2009 0.25 ---

20 October 2009 0.25 ---

10 September 2009 0.25 ---

21 July 2009 0.25 ---

4 June 2009 0.25 ---

21 April 2009 0.25 (-0.25)

3 March 2009 0.50 (-0.50)

20 January 2009 1.00 (-0.50)

 

Source: Bank of Canada website

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