Rarely has there been this much buildup before a Bank of Canada rate meeting. You can just sense how variable-rate mortgage shoppers and mortgage holders alike, are waiting and hoping for a big cut.
If the “experts” are right, they may get it. According to 19 of 20 economists surveyed by Bloomberg, the Bank of Canada will cut Canada’s key interest rate to an all-time low of 1% on Tuesday (Chart).
If the BoC comes through, the focus will quickly shift to the big banks. They refused to reduce their prime rates to match the BoC’s 3/4% rate cut in December, and may do the same this time around.
We’ll know very soon…
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Last modified: April 29, 2014
