, the Nation’s Leading Private Mortgage Professionals, React to Bank of Canada Holding Interest Rate at 0.5%

Toronto, Canada, November 6, 2015 – , the leading low-cost, private mortgage solution provider in the country, comments on the Bank of Canada’s decision to leave its key lending rate at 0.5% and the impact this move will have on Canadian real estate.

On October 21, the Bank of Canada, led by Stephen Poloz, announced it was keeping its key lending rate at 0.5%. The bank has already lowered its trend-setting interest rate twice in 2015 in an effort to stimulate the Canadian economy: once in January and July.

While the Canadian economy rebounded in July, the bank lowered its economic outlook for the country. The Canadian economy is projected to climb just one percent in 2015 and two percent in 2016. (Source:, press release, “Bank of Canada maintains overnight rate target at 1/2 per cent,” October 21, 2015;

“Decisions made by the Bank of Canada are important for those looking to step onto the property ladder, refinance their mortgages , consolidate debt. That’s because the central bank’s lending rate impacts what the banks charge borrowers,” says Bob Aggarwal, President of “The bank will meet next to decide on interest rates on December 2nd, but with recent downgrades on the Canadian economy, there is no reason to think the bank will raise rates any time soon.”

Despite the economic downgrades, the Canadian housing market remains robust; in part because of the low interest rates. Canadian housing starts surged in September while new home prices also beat forecasts in August. On top of that, resale real estate prices and sales remain strong across the entire Greater Toronto Area; where transactions hit a record in September and sales climbed 9.2% over the same period in 2014. (Source:, press release, “GTA Realtors Release Monthly Resale Housing Figures,” October 5, 2015; http://www.torontorealesta

“The expanding economy coupled with a balanced housing market, and rising prices, points to sustained real estate growth and great opportunities for home ownership,” Aggarwal concludes. is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent, licensed professionals helping Canadians coast-to-coast. provides its clients with residential and commercial mortgages, home equity credit, debt consolidation, and addressing financing concerns. To learn more about, visit the web site .

Bob Aggarwal

Mr. Aggarwal was one of the original founders of, one of the largest volume Mortgage Brokerage houses in Canada. Mr. Aggarwal has over 12 years of experience in Brokerage and Lending in the small and medium business sector, as well as experience and expertise in the residential housing market. Since the inception of, Mr. Aggarwal has been instrumental in developing the operating platforms, and policies and procedures which have guided the organization to date.


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