Bank of Canada Schedule of Monetary Policy Meetings for 2011


The Bank of Canada (BofC) meets a few times a year to review how the economy is doing and to set the overnight lending interest rate. This rate determines how much interest banks pay on loans from the BofC and how much they charge the general public to borrow money. Right now the rate is 1%, relatively low compared to historic standards. The interest rate affects mortgages, lines of credit, student debt, and even car loans.

Why these meetings are important to you? If you know when the BofC is meeting to review rates, you can read analyst predictions and make major financing purchases accordingly. If you expect rates to go down, you would wait until after the decision to buy a home. However, if rates were to go up, you would try to lock in a rate before a meeting. I recently had a client who locked in a rate before a meeting and will save $8,000 in interest over 5years. Paying attention and proper planning pay off.

Below are the meeting dates for 2011:

 

Schedule for 2011

Interest rate announcement 

 

Monetary Policy Report 

 

18 January 19 January
1 March
12 April 13 April
31 May
19 July 20 July
7 September
25 October 26 October
6 December

http://www.bankofcanada.ca/en/monetary/schedule.html

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About wojciechpianka

After a few years of studying English and History at the University of Toronto, I decided to transfer to Ryerson University and pursue a Bachelor of Commerce degree. While studying, I worked various jobs where I acquired many skills. Starting as a teller at Scotiabank, I moved on to being a manager of a restaurant, admin staff at a medical clinic, a sales agent for INGDirect and a manager at One King West Hotel. While all these jobs challenged me, I never felt my potential being utilized. Finally in 2008, I completed the Ontario Mortgage Agent Course and signed up with The Mortgage Alliance Company of Canada. This was a great decision, as it allowed me to use the skills I learned working to help people achieve their real estate and financial goals. My passion for real estate and numbers has lead me to becoming a mortgage agent. Growing up in New York City, I always had a fascination of historic buildings and skyscrapers. At 21, I bought my 1st property and have been investing in real estate ever since. I firmly believe thru steady, safe and conservative investing a one can obtain long term financial wealth. One day, I hope to develop the same buildings I help clients purchase.
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