OTTAWA – September 15, 2011 – According to statistics1 released today by The Canadian Real Estate Association (CREA), national resale housing activity in August 2011 remained stable for the second consecutive month. Highlights: • Sales activity was stable from July to August, but posted another big year-over-year gain reflecting weakened demand last summer. • Year-to-date sales pulled ahead of 2010 levels for the first time this year, and remain in line with the ten-year average.
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For the first time since 2007, the Bank of Canada raised its target for the overnight rate by one quarter of one percentage point to 0.5 per cent on June 1, 2010. The Bank rate was raised to 0.75 per cent and the deposit rate was unchanged at 0.25 per cent, thereby re-establishing the normal operating band of 50 basis points
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Bank of Canada raises interest rates: Canada becomes first country in G7 to hike