“The Bank of Canada kept its policy rate unchanged on Wednesday, a decision that marked the first time in over 12 months that the central bank has not announced a fresh rate hike.”
“Lower interest rates in 2023 could revitalize Canada’s housing market before the end of the year, according to some economists, even as the central bank warns the rate cut conversation is premature.”
Industry veteran, James Laird, shares his predictions for bank rates in 2023.
“Canada’s largest non-bank lender says it is keeping a close eye on its mortgage borrowers but hasn’t seen any “measurable issues” related to higher payments so far.” – First National
“The Bank of Canada has announced a further 50-basis-point hike to its benchmark rate, marking a sixth consecutive increase as the central bank continues its aggressive action aimed at cooling the economy and tamping down inflation.” Read more.
Take a look at this article on variable rate mortgage trends and whether it’s worth making the switch to a fixed-rate mortgage in today’s market.
These recent mortgage interest rate increases are doing what they were anticipated to do – and that is cooling the red-hot housing market. This is good news for first-time buyers! Investment Executive writes, “The rate hikes have quelled the unruly bidding wars seen in many markets in the winter and encouraging prospective buyers to wait for greater price drops.”
“Homeowners with fixed mortgages will, sooner or later, be renegotiating their rates and with the Bank of Canada hiking rates, many will see their monthly housing payments increase.”
Here are some suggestions of how to lessen or avoid the worry!
“Canada’s central bank raised its benchmark interest rate Wednesday by a full percentage point to 2.5 per cent. That’s the biggest one-time increase in the bank’s rate since 1998.”
Here’s what that means for you: https://www.cbc.ca/news/business/bank-of-canada-rate-hike-1.6518161