Toronto CommercialReal Estate CandianReal Estate Wealth Magazine Tarun Gupts

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The Canadian real estate industry was abuzz from coast to coast over the recent Bank of Canada (BofC) monetary policy report released by Bank Governor Stephen Poloz. The central bank has modified its outlook for economic growth, forecasting 1.6 per cent this year and predicting increases in 2014 to 2.3 per cent and 2.6 per cent in 2015, a notable downgrade from their July forecast. BofC predicts economic recovery by the fourth quarter of 2015 and announced that the key interest rate will remain at one per cent, at least until then, possibly beyond. BofC’s warning of an inevitable rate hike has also been dropped, representing a major reversal of the Bank’s bias toward rate hikes. “We have balanced the risks,” Poloz said, announcing that BofC expects to keep interest rates lowered for at least the next two years…