Bank of Canada Cuts Key Rate to 0.5 Per Cent | Discover the Best in Toronto Real Estate
Blog by Heather Harris, Broker | July 15th, 2015
Canada's central bank cut its key interest rate today by a quarter of a percentage point to 0.5 per cent. The Bank of Canada is predicting a slowdown in the economy due to the impact of lower oil prices and weaker than expected exports. It was felt that stimulus was required at this time, hoping to encourage consumers and companies by making it easier to borrow money. Growth of the GDP is still predicted to grow, yet at a slower than expected rate at 1.1% in 2015. Growth in 2016 is expected to be 2.3%, down from 2.5%.