RateSupemarket.ca Panel Says Rates To Remain Stable As Buying Season Heats Up
Canadians may be waiting with baited breath for a spring thaw, but don’t expect mortgage rates to rise – or drop – along with temperatures. RateSupermarket.ca’s expert Mortgage Rate Outlook Panel says a lack of influential economic factors will leave both fixed and variable rates untouched for the month of March.
Fixed Mortgage Rates: Unchanged
While the Canadian economy has experienced some positive gains, current conditions such as Canadian household debt levels, are too fragile to absorb a significant rate increase. Bond yields remain consistent, setting the tone for mortgage rates this spring.
Variable Mortgage Rates: Unchanged
While a low Canadian dollar could give our lagging inflation levels a much needed boost, it’s not likely that the Bank of Canada will seize the opportunity to hike central interest rates in this month’s announcement. It’s also not anticipated that they will lower them, as Canadian household debt remains an area of vulnerability for the overall Canadian economy.
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This month’s panel members:
Ron Butler, Mortgage Broker, Verico Butler Mortgage
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
This post is also available in: French