When will the Bank of Canada cut interest rates?

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When will the Bank of Canada cut interest rates?

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작성자 CBMrarara 댓글 0건 조회 1,638회 작성일 23-01-27 16:57

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When will the Bank of Canada cut interest rates?


On the 25th, the Bank of Canada made its first rate announcement of the year.


After the consumer price index fell to 6.3% in December, some analysts initially expected rates to remain unchanged, but contrary to expectations, the bank raised the benchmark rate to 4.5%. However, experts believe that rate hikes like this one won't happen anytime soon, and will only be followed by holding rates for the rest of the year.


Many Canadians looking to buy a home are wondering when interest rates will drop. According to a new 'rent market report' released by the Canada Mortgage Corporation (CMHC), the vacancy rate for rental properties is at its lowest level in 22 years, at 1.9 per cent, down from 3.1 per cent last year.


High interest rates have contributed to the low vacancy rate. When the economy is good, rental demand is high, so vacancy rates are low. Therefore, we are looking forward to putting weight on the possibility that interest rates will fall in the future.


Also, unless inflation gets down to 3% by mid-year and 2% next year, banks will want to hold rates, but if inflation shows signs of slowing, they will pause rate hikes or start cutting rates.


If you currently need a mortgage, experts advise considering a variable rate mortgage. If you don't want to take risks and believe that inflation will continue longer than expected, we point out that you should choose a 5-year fixed rate.


Those considering buying a home could expect to hear good news later this year or early next year.


photo = unsplash


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