Bank of Canada is leaving its key overnight lending rate at 1%.
The last change to the Bank rate was in September 2010. There was a decidedly neutral tone to the Bank's commentary about the timing and direction of future rate changes, as the Canadian economy has yet to reach full capacity and the risks associated with household imbalances have not diminished.
Canada's three most watched real estate boards reported August results last week.
- Vancouver saw continued steady activity which was 4.3% above the ten year average for the month.
- In Calgary, home prices were more than 10% from a year ago and the condominium segment of the market has stepped in, to provide inventory in place of the continuing, very tight, detached home market.
- Toronto has seen sales volumes so far this year which are 6.5% ahead of the 2013 pace and average prices are up 8.5% from a year ago.
Original article from: MCAP news