OTTAWA — The Bank of Canada has chopped its key interest rate by another half percentage point to its lowest level ever, and warned that the Canadian economy will contract by 1.2 per cent this year. The central bank`s target for the overnight lending rate now stands at 1 per cent – lower than in 1958, when the most-watched policy rate was 1.12 per cent.
Canada`s big banks, amid warnings of further economic deterioration and below-zero inflation, wasted little time Tuesday in passing on the full measure of the latest interest-rate relief from the Bank of Canada.
They cut their prime lending rates by a half-point to a record low of three per cent, and reduced some fixed and floating-rate mortgages.
The Canada Revenue Agency and security experts are warning consumers not to fall for an online scheme that is tricking taxpayers into divulging critical financial information.
The phishing scheme, using the promise of a tax refund as a lure, is gaining momentum as Canada`s tax season approaches.
It`s even scamming in Canada`s two official languages.
The 50-basis-point interest-rate cut by the Bank of Canada yesterday brought Canada`s overnight lending rate to 1%, a record low. Not surprisingly, the Canadian dollar softened on the news. A deep global economic recession, rising unemployment, falling inflation and weak global trade mean further rate cuts are likely. That news could take the Canadian dollar down further in the near term and will keep it weak for the foreseeable future.
Forget the pretty calendars, ditch the property cards dropped through the mailbox. Today`s real estate digerati are turning to the virtual world to find real-world buyers.
Vancouver realtor Kye Grace is part of the trend, turning to social media to sell in a downturned market with a 72-hour open house to be video-streamed live over the Internet, starting Friday.
