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Just got this email from our head Broker. Thought I would pass it on..
In case you haven’t heard the Bank of Canada has lowered the Key Bank Rate another .25bps. and the Banks have followed with an interest rate cut. The commentary from the Bank of Canada said not to expect any more changes to the Bank Rate until at least June 2010. So we are going to see these low rates for at least another year or so.
Full Press Release - Courtesy of Bank of Canada
| FOR IMMEDIATE RELEASE 21 April 2009 |
CONTACT: Jeremy Harrison 613 782-8782 |
OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 1/4 per cent, which the Bank judges to be the effective lower bound for that rate. The Bank Rate is correspondingly lowered to 1/2 per cent. The deposit rate - the rate paid on deposits held by financial institutions at the Bank of Canada - is left unchanged at 1/4 per cent and provides the floor for the overnight rate. Details of the Bank's operating framework at the effective lower bound can be found here.
In an environment of continued high uncertainty, the global recession has intensified and become more synchronous since the Bank's January Monetary Policy Report Update, with weaker-than-expected activity in all major economies. Deteriorating credit conditions have spread quickly through trade, financial, and confidence channels. While more aggressive monetary and fiscal policy actions are underway across the G20, measures to stabilize the global financial system have taken longer than expected to enact. As a result, the recession in Canada will be deeper than anticipated, with the economy projected to contract by 3.0 per cent in 2009. The Bank now expects the recovery to be delayed until the fourth quarter and to be more gradual. The economy is projected to grow by 2.5 per cent in 2010 and 4.7 per cent in 2011, and to reach its production capacity in the third quarter of 2011. Given significant restructuring in a number of sectors, potential growth has been revised down. The recovery will be importantly supported by the Bank's accommodative monetary stance.
The Bank expects core inflation to diminish through 2009, gradually returning to the 2 per cent target in the third quarter of 2011 as aggregate supply and demand return to balance. Total CPI inflation is expected to trough at -0.8 per cent in the third quarter of 2009 and return to target in the third quarter of 2011. While the underlying macroeconomic risks to the projection are roughly balanced, the Bank judges that, as a consequence of operating at the effective lower bound, the overall risks to its inflation projection are tilted slightly to the downside.
With monetary policy now operating at the effective lower bound for the overnight policy rate, it is appropriate to provide more explicit guidance than is usual regarding its future path so as to influence rates at longer maturities. Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target. The Bank will continue to provide such guidance in its scheduled interest rate announcements as long as the overnight rate is at the effective lower bound.
To reinforce its conditional commitment to maintain the overnight rate at 1/4 per cent, the Bank will roll over a portion of its existing stock of one- and three-month term Purchase and Resale Agreements (PRAs) into six- and twelve-month terms at minimum and maximum bid rates that correspond to the target rate and the Bank Rate, respectively. These longer-term PRAs will be issued according to the schedule released today.
Today's decision to lower the policy rate by 25 basis points brings the cumulative monetary policy easing to 425 basis points since December 2007. It is the Bank's judgment that this cumulative easing, together with the conditional commitment, is the appropriate policy stance to move the economy back to full production capacity and to achieve the 2 per cent inflation target. The Bank retains considerable flexibility in the conduct of monetary policy at low interest rates, consistent with the framework to be outlined in the Bank's Monetary Policy Report on 23 April.
Information note:
The next scheduled date for announcing the overnight rate target is 4 June 2009.
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No where else in BC can you go to a outdoor trade show, wondering through the exhibits, then walk out the door and test that new mountain bike or golf club. Maple Ridge is the perfect location for this event because everything you can imagine outdoors is right in our backyard.
This event promises to be one of the best in BC, sporting vendors from all avenues of outdoor recreation sports. Here you will find golf equipment manufacturers, RV vendors, mountain biking vendors, boating vendors and even a climbing wall!
Besides having some of the best outdoor recreation vendors in the world on exhibit, you will also find tons of activities from golfing demos, a climbing wall, RV's to walk through, boats to sit in and a huge marketplace and food court.
Everyone that plays outside will enjoy this outstanding event. Bring the whole family.
The Chamber of Commerce and their partners are putting together a fishing derby for anybody that wants to come. Each team will be a family consisting of one or two parents and one or more children. We guarantee that everyone that comes out whether to participate in the derby or comes out to take in the event and the vendors will have a great time.
This event is going to be a blast! There will be vendors displaying their goods, fun activities for the whole family and tons of fish and lots great prizes!
Registration is $99.00 + GST per person after May 15th. Early bird registration price is $75 + GST per person if registered before May 15th. Children 12 and under are free however they need to complete a form to be eligible for prizes.
Real Estate Agent in BC. Specializing in Maple Ridge, Tri-Cities, Pitt Meadows, Mission, and surrounding areas. Let me know where I can help you.
I am a Real Estate Agent with Keller Williams Elite Realty serving in the Lower Mainland of BC and specializing in Maple Ridge and surrounding areas. See my website at http://www.IsellBC.com.
Use this section to write about your specific areas of expertise. Do you specialize in first time buyers - listing high end homes - etc. Are there specific market area's that you specialize in? The more you write about your area's of expertise the more knowledgeable you'll sound to a potential buyer or seller.
After 22 years in the same home, the kids gone, my husband and I decided it was time to downsize and buy a new home. We had the extreme good fortune to be introduced to Darren Revell, which made the idea of selling and buying less stressful and difficult. Darren prides himself on his honesty and integrity and for good reason - he is one of the most honest men we have met. He helped us completely through the whole process, never left us guessing or wondering what was going to happen next. At one point he had to leave the city for a short duration, but called before leaving to let us know if we needed anything, one of his colleagues was available to us. His reasons for leaving the city were unexpected and due to a family emergency, but he still took the time to ensure we were looked after.
Darren is a great person, an honest individual, who will ensure that you are looked after and your needs are being met. He treats everyone like they are his only client and helps you find a home that you will be happy with - thanks to Darren, we are truly happy in our new home. Yvette and Robin Gascoigne
Selling and / or buying a home can be a very stressful time and finding the right estate agent to help you, that you are comfortable with and feel that you can trust can be an extremely difficult thing. Especially when you are new to a country as we were.
On meeting Darren, we were comfortable with him straight away. Here was an honest man, with professionalism and principles that we felt we could trust. A sincere estate agent, which is a rare thing! He took the time to explain things to us in a way that we could easily understand and kept us on the right track.
He kept in touch with us regularly and we never felt that we had to chase him to find out how things were going. By also giving us access to a webpage where he noted details on the various individuals that had been to see our home and their comments, it was a great way to feel that we were kept in the picture and informed.
He sourced new homes for us to potentially buy and spent the time going round them with us, to help us find the right one that we wanted, and we most certainly did! Darrens help in negotiating the purchase price was excellent and the deal was sweet!
We would not hesitate to recommend Darren to anyone looking for a real estate agent. We appreciate all of his support and time, and not only did we find a new home that we love, but have acquired a good friend in the process.
Helen & Douglas Dutch
In October, 2004 I purchased my first home through the assistance of Darren Revell. Darren was extremely helpful in the searching of the residence. His support, his endless effort, and his knowledge of the field are the reason why I have found my dream house.
I would highly recommend Darren to anyone that is in need of purchasing a home.
Carrie Hudson
Darren Revell has assisted with the sale of a home in the Meadow Highlands Housing Co-operative. The sale arose as the result of the passing of an elderly friend. Darren handled the sale in a professional and courteous manner. He was able to navigate through the sale from an estate without difficulty.
We are happy to recommend Darren to anyone who is looking for a professional in the area of real estate sales.
Please do not hesitate to contact me for more information.
Yours truly, Art Musson, C. M. A.
It is our pleasure to write this note of commendation regarding what a fine job Darren did in handling our property sale and new home purchase. He demonstrated himself to be a professional, honest realtor with a pleasant outlook who provided great attention to detail.
Darren first listened to what our needs were and thoroughly each and every stage of the process in order to make sure we were confident in our dealings. His negotiating skills were very effective and our house sold immediately at the price we had wanted. Darren dealt swiftly with the paper work, kept us informed each step of the way and was always available for our calls and questions.
While helping us locate a new home Darren provided us with listings immediately and set up many viewing appointments on a daily basis. His knowledge of the Maple Ridge/ Pitt Meadows area was exemplary and he gave us his undivided attention while looking for a new home. He always took last minute requests for viewing properties, called us back immediately and accommodated our schedule. He referred inspectors and financial professionals to us and made sure everything was completed in a timely manner.
We had a very smooth, speedy and positive experience with Darren in selling our old home and purchasing the new home that we love.
In fact, we sold our home and had an offer accepted on the home we purchased within 10 days. We would highly recommend him and know he would be just as committed and work as hard for other clients as he did for us.
Sincerely, Alan and Virginia Towers
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