Bank of Canada Communication

August 5, 2023
Home banner shape
Bank of Canada Communication

Bank of Canada Communication

The Bank of Canada maintained its key interest rate at 4.5%. In its announcement, the bank stated that 
demand still exceeds supply and economic growth in the first quarter was stronger than expected. The 
bank however expects economic growth to be weak for the rest of this year before beginning to pick up 
gradually in 2024 and through 2025. 

Inflation has declined but is still considered too high at just over 5%. The bank projects inflation to come 
down further to around 3% in the middle of this year due to lower energy prices, improved supply chains 
and restrictive monetary policy and projects that inflation will reach the 2% target by the end of 2024.
The bank indicated that the effects of past policy rate increases are still working their way through the 
economy and that it will continue to monitor economic developments to assess whether monetary 
policy is sufficiently restrictive to return inflation to target indicating that it is prepared to raise the policy 
rate further if deemed necessary. 

The next Bank of Canada announcement is scheduled for June 7th, 2023. I’ll make sure to keep you 
informed. As always, if you have any questions, please reach out to me.


Kelly MioBertolo,
Mortgage Agent
Mortgage Alliance

Stay In the Know with Keystone

Don’t miss out on our latest Market Reports. Subscribe and get the newest articles delivered straight to your inbox.

Have Questions About the Market? Ask Keystone's Experts

If you have specific questions or need guidance on Milton’s real estate market, our team is here to provide personalized advice. Reach out to us, and let’s discuss how market trends can influence your real estate decisions.

Real Estate Investment and Purchase Seminars in Milton