RateSupermarket.ca Expert Panel Calls for a Consistent Cost of Borrowing
Holiday home shoppers have plenty of reason to be merry as festive fixed and variable-rate pricing will remain throughout the winter season. Low bond yields have yet to prompt movement within fixed rates, while the Bank of Canada will stick to stimulus measures amid oil’s big decline.
Fixed Mortgage Rates: Unchanged
Low bond yields have persisted since the autumn, offering no economic incentive for lenders to hike their fixed rates. It’s anticipated that these discounts will last throughout the holiday season – and will be sure to make homebuyers and renewers quite jolly.
Variable Mortgage Rates: Unchanged
It looked for a time like Canada’s economy would recover sufficiently by 2015, paving the way for a central rate raise. However, oil’s recent drop means our nation could face a very different economic reality. This, combined with lingering high household debt levels, will prompt the Bank to stick with current stimulus measures, perhaps even later than the speculated Spring 2015 timeline.
This month’s panel members:
Will Dunning, Chief Economist, CAAMP; President, Will Dunning Inc.
Dan Eisner, MBA. AMP. President, True North Mortgage
Dr. Ian Lee, Program Director, Sprott School of Business, Carleton University
Kelvin Mangaroo, VP, Corporate Development at Kanetix