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Bank of Canada Maintains Overnight Rate at 1%

OTTAWA, March 1 /CNW/ - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery is proceeding broadly in line with the Bank's projection in its January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing challenges associated with sovereign and bank balance sheets will limit the pace of the European recovery and are a significant source of uncertainty to the global outlook. Robust demand from emerging-market economies is driving the underlying strength in commodity prices, which could be further reinforced temporarily by supply shocks arising from recent geopolitical events. Read more...

Oakville Real Estate and GTA Market Watch

The average selling price of a resale home in the GTA for the month of February came in at $454,423. This represented an increase of over five per cent versus the average of $431,509 reported in February 2010. During the same time, the 'Oakville Real Estate' market saw the average price increase by 12% verses the same time last year. 'Oakville Real Estate agents' reported the sales of 239 'Oakville Homes' in February, with an average price of $645 904. Read more...

Bank of Canada leaves Overnight Rate at 1%

OTTAWA, April 12 /CNW/ - The Bank of Canada announced this morning that it will be maintaining its target for the overnight rate at 1 per cent. The bank rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Since raising its overnight lending rate to one per cent in September, the bank has held steady for five consecutive policy decisions. The decision to keep the rate unchanged should benefit home buyers throughout the GTA and 'Oakville Real Estate' markets as mortgage rates should also remain low in the short term. The Prime Rate is currently at 3.0 per cent. You can always find the current mortgage rates, and some useful mortgage calculators, on the Mortgage Rates and Calculators page on this website. Read more...

Oakville Place Farmers' Market now open for season

The Oakville Place Farmers’ Market opened for its fourth consecutive season last week and will now be open every Thursday right through to Thanksgiving weekend. The market’s main feature is Ontario-grown fruit and vegetables, that are available from vendors including Blyleven Farms, McNiece Greenhouse & Produce, Richardson Farms, Andrews Scenic Acres, Hillsview Farms and Thames River Farms. The farmers hope to nurture the growing enthusiasm for eating quality locally-produced foods. Ontario field strawberries, sweet peas, asparagus, rhubarb and Ontario greenhouse tomatoes and peppers are among the early new crops that will be available when the market opens again this week. Read more...

Overnight Rate - What is the Overnight Rate?

The overnight rate in Canada is an important part of Canada’s monetary policy. The Bank of Canada has control of the key overnight rate, which determines the interest rate that major financial lenders and institutions lend and borrow one-day (or "overnight") money between each other. Read more...

Canadian Home Price Index Moving Up

The Canadian Resale market swung upwards in December, according to the latest release of the Teranet-National Bank Composite House Price Index- which indicated increases in five of the six markets surveyed. The index indicates that prices were up 0.3% in December from November, as well as having gone up 4.1% from the same time the year before. Looking at specific regions, there was a 0.1% increase in Calgary- which signalled the first gain out of the last five months. In Vancouver and Montreal both, the rise was 0.5%. Toronto rose 0.2%. Halifax was a much larger 3.6%- which did not impact the overall index as much as one might think. On the other side of the spectrum, Ottawa declined by 0.4%- which is the fourth consecutive decline. The 'Oakville Real Estate' market was not included in the markets that were surveyed. Read more...