Bank of Canada Announcement,
April 18. 2018
Breaking News: The Bank of Canada is maintaining its trend-setting interest rate as its careful assessment of the timing of future hikes continues amid a backdrop of moderating growth.
Bank of Canada Benchmark Rate is 1.25%
The central bank, which kept its rate at 1.25 per cent Wednesday, said slower first-quarter growth of about 1.3 per cent was largely a result of housing markets' responses to stricter mortgage rules and sluggish exports. The bank had predicted the economy to expand by 2.5 per cent in the first three months of the year. It's expecting the economy to rebound in the second quarter with 2.5 per cent growth
Canada's economic growth has moderated, and the economy is operating close to capacity,'' While a moderation was anticipated, temporary factors ... are resulting in sizable short-term fluctuations in growth.
The bank reiterated it expects further interest-rate hikes to be necessary over time and that it will follow a cautious, data-dependent approach when weighing future decisions.
Spring has arived to Ottawa’s Real Estate Market
Members of the Ottawa Real Estate Board sold 1,660 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,478 in March 2017, an increase of 12.3 per cent. The five-year average for March sales is 1,339.
March’s sales included 358 in the condominium property class and 1,302 in the residential property class.
The average sale price of a residential-class property sold in March in the Ottawa area was $447,561. The average sale price for a condominiumclass property was $275,592
Properties that are priced well are selling quickly with days on market dropping
to an average of 43
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By Ray Turchansky, For Postmedia News