The federal budget date was also announced
The central bank called Covid-19 "a material negative shock'' to the country's economic outlook
Finance department says change will allow minimum qualifying rate to be "more representative of rates offered by lenders"
Ratings agency DBRS says the news is "favourable"
The bank reported $1.19 billion of net profit in Q4
New business grew by 16.5%
National house price index increased just 0.5% over the last year
Rate of urban starts increased by 26%
Growth topped expectations
Modest increase follows March's strong results