Stories Tagged - overnight rate
July 15, 2020 | Tyler Difley
June 03, 2020 | Tyler Difley
April 17, 2020 | Tyler Difley
This decision to hold rates steady came on the heels of three rate cuts in over a month, as the COVID-19 pandemic and plummeting oil prices exact a heavy toll on the Canadian economy.
March 20, 2020 | Tyler Difley
Jan. 28, 2016 | CREBNow
Canada's central bank carries out monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate, which is the interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves. Not surprisingly, the overnight rate has a strong impact on the rates Canadians get from their lending institutions when they save or borrow money.
To help the average Canadian get a better grasp on the overnight lending rate, CREB®Now presents some of the key numbers.
May 20, 2015 | CREBNow
For Calgarians Matt and Vanessa Haug, the stars aligned when they decided to purchase a new home in southeast Calgary.
The couple cited low interest rates and competitive house prices behind their decision to act now rather than wait – a sentiment slowly emerging since energy-sector uncertainty took hold in Calgary's housing market late last year.
"We got 2.69 [per cent] on a five-year fixed rate. It definitely impacted our decision," said Matt, who also cited house prices behind their decision to buy and noted the lower rate did not impact how much they ultimately spent on their new home.
Jan. 28, 2015 | Nolan Matthias
Last week, the Bank of Canada surprised some Canadians when it lowered the overnight lending rate from one to 0.75 per cent.
However, the decision to lower interest rates should not have been as big of a surprise as it was, nor should the fact that the banks have failed to lower their respective prime rates.
On the day before the rate drop, I told two separate groups of real estate investors – totaling 60 people – that, in my opinion, there was as good of a chance that rates would decrease as there was they would increase. The next morning, the Bank of Canada proved me right.
Jan. 28, 2015 | CREBNow
Bank of Canada governor Stephen Poloz cited plummeting oil prices as motivation behind the drop, which represents the first time the bank has changed the rate since September 2010.
"The drop in oil prices is unambiguously negative for the Canadian economy," he said.
"Canada's income from oil exports will be reduced, and investment and employment in the energy sector are already being cut."
Jan. 21, 2015 | CREBNow
The rate is now 0.75 per cent.
In a release from the bank:
Dec. 04, 2014 | CREBNow
Here's the statement from the bank (published Dec. 3) :