RateSupermarket.ca Expert Panel Calls for Stability Throughout Autumn Months
No November movement is expected for either fixed or variable rates; yield activity has been minimal, prompting no change to fixed rate pricing. Canada’s prime rate remains in limbo as the Bank of Canada states no plan to alter variable rates in the near future, and no action is taken by the U.S. Federal Reserve.
Fixed Mortgage Rates: Unchanged
Five-year Government of Canada yields have moved within a very tight spread, but mortgage rates, which usually move in conjunction with yields, have not followed suit. It’s expected that the current competitive pricing environment will last throughout the year.
Variable Mortgage Rates: Unchanged
Lingering geo-political tensions continue to put a damper on Canadian trade and home-grown economic improvement. As the Bank of Canada has stated the need for long-term stimulus, and the U.S. Federal Reserve makes no rate changes south of the border, it’s expected that variable rates will remain untouched throughout November.
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