The Bank of Canada announced today that it is holding the overnight rate steady, noting that the Canadian economy was stronger than expected in the first quarter, although housing has remained soft as it adjusts to new mortgage rules and higher rates.
However, labour income growth is solid, which supports “the expectation that housing activity will pick up and consumption will continue to contribute importantly to growth in 2018.” The Bank did hint that we could see potential future increases in order to keep inflation in check. The next rate-setting day is Wednesday, July 11.
This Spring lenders have been very aggressive with their pricing for variable rate mortgages, creating some of the best rates we’ve seen in many months. Clearly lenders are fighting for market share, making it a great time to be shopping for a mortgage!
Get in touch if you have questions about your mortgage strategy, or if you need a new mortgage, are renewing, or are looking to refinance for debt consolidation, renovations or other large expenditures. It’s very important to work with an experienced professional who knows the right questions to ask to assess your situation and provide the direction you need to achieve your homeownership goals and save money over the long term. Good advice early saves time and stress!
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.