Bank of Canada keeps rates on hold

The Bank of Canada announced on March 1st, 2017 it was keeping its trend-setting target overnight lending rate at 0.5 percent.

It said recent data confirm that the Canadian economy is on track for better growth, as predicted in its January Monetary Policy Report (MPR).

The Canadian economy is forecast to grow by 2.1% in 2017 and 2018, helped along in 2017 by Government spending. The Bank also anticipates, as it has for some time, that exports and business investment will gain better traction in 2018.

However, that outlook would be severely downgraded should U.S. trade policy become more restrictive under the Trump administration. It is one of a number of factors the Bank refers to as “significant uncertainties” as regards Canada’s economic outlook.

Additionally, while inflation began 2017 above the Bank’s 2% target, it was pushed higher in part by carbon pricing that came into effect on New Year’s day in Alberta and Ontario. Looking past temporary factors, other gauges for inflation continue to suggest there is still considerable slack in the Canadian economy.

While employment has risen, modest growth for wages and hours worked also point to persistent Canadian economic slack.

Taken together, the balance of economic factors strongly suggests the Bank is in no hurry to raise its trend-setting overnight lending rate. Nonetheless, higher bond yields in Canada and recent regulatory increases in capital requirements for lenders mean Canadian homebuyers may see mortgage rates rise modestly this year.

As of March 1st, 2017, the advertised five-year lending rate stood at 4.64 per cent, unchanged from both the previous Bank rate announcement on January 18th and from one year ago.

The next interest rate announcement and MPR, which will update the Bank economic forecast, will be on April 12th, 2017.

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.