The Bank of Canada announced today that it will maintain the overnight target at 3/4 per cent. This means they are holding steady and there will be no mortgage rate changes at this time.

Financial conditions in Canada have eased materially since January, in response to the Bank’s recent monetary policy action and to global financial developments

On January 21st, in a very surprising move, the Bank of Canada lowered it’s target for the overnight rate from 1% to 0.75%. You can read about that here. This was the first move in the overnight rate since September of 2010. It would appear we are back in a hold pattern, I guess we will see what moves (if any) the Bank of Canada makes next announcement.

The next scheduled Bank of Canada date for announcing the overnight rate target is April 15th, 2015.

2015 Bank of Canada Rate Schedule

Here is a copy of the full Bank of Canada Announcement.

BofC Rate Announcement March 4th 2015

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