Today's central bank announcement December 9, 2020

At 10 am eastern, the Bank of Canada made what was scheduled to be its 10th and final interest rate decision of 2020, one of the most active years in recent monetary history.

After dropping its overnight rate three times in March, the Bank has held the line on rates since then, including today, but continues its massive quantitative easing program to support market liquidity.

As a result of the Bank’s moves, borrowing costs for your clients will remain very favourable as 2021 gets underway.

The Bank also updated its observations on the state of – and outlook for – the Canadian economy. We capture the highlights of the Bank’s observations here.

First National is prepared for more growth ahead in single-family and multi-residential markets resulting from the stimulus provided by low borrowing costs.