As expected, there was no change in the Bank of Canada press release. Bank prime remains at 3%.
This means no changes in variable rate mortgages or line of credit rates.
Below are the highlights of the Bank of Canada Announcement:
- "The Bank expects global economic activity to grow modestly in 2013 before strengthening over the following two years"
- Canada's growth was stronger than initially projected in the first quarter
- Growth in household credit is slowing.
- "Monetary policy stimulus currently in place will likely remain appropriate for a period of time"
The next Bank of Canada Announcement is scheduled for July 17th, 2013.
Bank prime is 3.0%
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