Bank of Canada - overnight rate remains unchanged. BCREA projects increase as of early 2013.

Today the BCREA - BC Real Estate Association - published a news release about the latest meeting of the Bank of Canada.  The most important points are
- overnight rate remains unchanged at 1%
- economic growth as projected by the Bank of Canada is 2.1% this year and 2.3% in 2013
- inflation will be close to 2%

The economists of the BCREA expect that the overnight rate is likely to be increased as of early 2013.

If an increase in interest rates would indeed take place starting early next year, now and the next few months may be the better time to buy the Vancouver condo or Vancouver house you were thinking of.