RateSupermarket.ca Panel Calls for Fixed Rates to Remain Competitively Priced
Back-to-school season ushers in a fresh start, but there’s to be no new development for Canada’s mortgage market this fall. Stable bond yield levels continue to set the stage for fixed mortgage rate discounts, while economic growth factors fail to rock the Bank of Canada’s boat; the governing lender has announced no change once again for central rates.
Fixed Mortgage Rates: Unchanged
Despite a strengthening Canadian dollar, government of Canada bond yields, which correlate directly with fixed mortgage rate pricing, have remained competitively low. Lenders have followed suit, and these discount-friendly conditions are to linger throughout early fall.
Variable Mortgage Rates: Unchanged
The Bank of Canada has called for no change to central interest rates in the early September announcement, and has taken a neutral stance with policy nuances; improvements to exports and inflation will fail to make a mark until growth is proven to be sustainable, leading to no change for variable-rate mortgages.
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, President, RateSupermarket.ca