Bank of Canada -Leaves Over Night Rate Unchanged

Yesterday the Bank of Canada decides to leave the overnight rate unchanged even though most analysis expected a reduction of 25 to 50 basis points.  I do not expect this unexpected move to effect the real estate market.  The reason I feel this way is because even when the BOC lowers its rate that does not give the Lenders a mandate to lower theirs.  In the past 6 months the bank has lowered the rates twice and although lenders are slowly following it has taken up to 4 months for the mortgage rates to reflect the change in the overnight rates. 

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