BoC Bank Rate Announcement – Wednesday June 3rd, Tiff’s first

Today, Wednesday June 3rd, the Bank of Canada (BoC) made its sixth interest rate announcement this year, the first under its newly appointed Governor Tiff Macklem. The BoC has repeatedly stated that it has no intention of reducing the rate below its where it is at currently: 0.25%.

The BoC did state that the impact of the COVID-19 pandemic on the global economy appears to have peaked due to “massive policy responses by governments and that financial conditions have improved.

This is the first sign of good news since the pandemic was declared in March and should help to engender confidence for Canadians who are contemplating real estate purchases this summer.

We thank you; our clients and friends for your support as we ride the tremors of this unprecedented pandemic. We have strengthen our ability to adapt and conform to a radically changed world. It has stretched us for the better as we hope it has for you. If you have any questions, please don’t hesitate to reach out to us. We are here to help.