HOW OFTEN DOES THE BANK OF CANADA MAKE CHANGES TO THEIR RATE?
Author: Boychuk Mortgage Group |
The BoC meets eight times each calendar year to analyze the Canadian economy and to decide on whether they should lower the overnight rate, raise the overnight rate, or keep rates neutral.
At these meetings, the BoC will also announce any policy changes or updates that would otherwise impact the general Canadian economy.
Historically, the government does not make changes to the overnight rate when they meet.
Over the past 10 years, we’ve seen the variable rate stay fairly flat, with minimal fluctuation.
Over the past 30 years, whenever we found ourselves in a rate rising environment, it’s been on average 13 months of rates rising, followed by an average of 4-6 months where rates have dropped back down. Historically, over those 30 years, anytime rates have gone up, they soon follow with a drop.