TORONTO, Sept. 10 /CNW/ - The Bank of Canada signalled this morning that
its overnight rate will likely remain at 1/4 per cent until the middle of
The decision has implications for the country's economic recovery as well
as consumers, including home owners and potential buyers.
BMO Senior Economist Michael Gregory and John Turner, Director, Mortgages
for BMO Bank of Montreal, are available to discuss the latest news from the
Bank of Canada and what it means for Canadians.
"At least for short term maturities, Canadians won't be facing higher
borrowing costs," said Mr. Gregory. "It looks like Canadians will continue to
benefit from low rates, and may even see such rates for a longer period if the
Canadian dollar continues to strengthen."
"With promising low interest rates, now may be a great time to purchase a
home and take advantage of a low rate and ultimately a low payment," said Mr.
Turner. "We can provide clarity around topics such as making your first home
purchase or choosing between a fixed or variable rate mortgage. Also, for
customers who already have a mortgage, our new BMO SmartSteps can help you
take years off your mortgage payment and save you thousands of dollars simply
by changing your payment frequency."
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