Here are a few reasons why you should pay attention to the announcement:

The Bank of Canada rate announcement can have a direct impact on mortgage rates. When the central bank raises its overnight lending rate, commercial banks will often follow suit by raising their prime rates. This can lead to an increase in the cost of borrowing for mortgages and other loans. Similarly, when the BOC lowers its rate, banks may lower their prime rates, which can lead to a reduction in mortgage rates.

If you’re in the market for a mortgage or are thinking about refinancing, the BOC rate announcement can give you an idea of where interest rates might be heading in the future. It can also be helpful to keep an eye on mortgage rates in the days following the announcement to see if they have changed.

The BOC rate announcement can also give us insight into the state of the Canadian economy. If the central bank raises rates, it may signal that the economy is growing at a healthy pace and that inflation is a concern. Conversely, if the BOC lowers rates, it may indicate that the economy is struggling and needs a boost.

Understanding the state of the economy can be helpful for those who are thinking about purchasing a home or refinancing. If the economy is strong, you may feel more confident about taking on a mortgage, knowing that you’re likely to be able to make your payments. On the other hand, if the economy is weak, you may want to be more cautious about taking on debt.

The BOC rate announcement can also impact the value of the Canadian dollar. When the central bank raises rates, it can make the Canadian dollar more attractive to foreign investors, which can lead to an increase in its value. Conversely, when rates are lowered, the Canadian dollar may lose value.

If you’re planning to purchase a home in Canada but are living outside of the country, you may want to pay attention to the BOC rate announcement. A stronger Canadian dollar could mean that you’ll need to spend more of your own currency to purchase a home, while a weaker Canadian dollar could make a home purchase more affordable.

In summary, the BOC rate announcement on March 8, 2023, is an important event for those who are looking to purchase or refinance their homes. It can impact mortgage rates, give us insight into the state of the economy, and impact the value of the Canadian dollar. Paying attention to the announcement and its aftermath can help you make more informed decisions about your home purchase or refinance.

If you have any questions, please do not hesitate to give me a call (or hit the like button)