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Bank of Canada holds steady on interest rates

Bank of Canada

Good news for those looking to get into the housing market — on Tuesday, The Bank of Canada announced it would hold interest rates at a near-historic low.

The agency stated that the country’s economic recovery is being hampered by global economic turmoil, like the unrest in Greece.

The central bank is keeping its interest rate at one per cent, where it has been since September of 2010. For prospective home buyers who will need to borrow money, this means much lower payments.

Not all good news

But Tuesday’s announcement didn’t paint a perfectly sunny picture.

The Bank of Canada suggested the country won’t see real economic growth until 2014 and exports are projected to remain below the pre-recession peak until the beginning of that year.

The bank is predicting a 2.1 per cent economic growth for 2012, 2.3 per cent for 2013, and 2.5 per cent growth for 2014.

In addition, the economy won’t return to full capacity until the later half of 2013 — about six months after bank monetary policy panel predicted.

The agency, and Governor Mark Carney added record-high household debt is leading to restrained spending and housing sales are expected to slow from near-record numbers.

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