Interest rate increases expected in 2020
But there are still eager buyers in the market, and many of them are looking for newly built homes. In fact, new home construction is projected to increase by 8% in 2019. That’s the good news. Here’s the bad news: There just aren’t enough new homes to go around in some areas. The Bank Rate and deposit rate were also left unchanged at 2.0 percent and 1.50 percent, respectively. The Bank of Canada left its benchmark interest rate unchanged at 1.75 percent on May 29th 2019, as widely expected.