Bank of Canada Meeting – June 5th 2012

There was no change in the Bank of Canada’s prime lending rate.

What you need to know is:

•  the outlook for the Global economic growth has weakened
• until things “brighten up” or at least stop sliding in Europe, the bank will be in no hurry to take the first step at raising our rates
• All variable rate mortgage holders and clients with Lines of Credit (both secured and unsecured ) will have their rate remain at 3.0% (plus or minus discretion offered at time of application)
• The next meeting is slated for July 17th, 2012

For more reading:

1.  Visit the Bank of Canada site directly at http://www.bankofcanada.ca/2012/06/press-releases/fad-press-release-2012-06-05/
2. As well, there was a summary article in todays Financial Post written by Eric Lam http://business.financialpost.com/2012/06/05/bank-of-canada-interest-rate-decision-what-you-need-to-know/