ICYMI: Bank of Canada super-sized hike all but certain — what that means for your mortgage — via financialpost Canada mortgage ratehike
The Bank of Canada reveals its rate decision tomorrow and just about everybody thinks it will be an oversized 50 basis point hike.predict a half point rise June 1 and what’s more see rates higher at year-end than predicted just a month ago.
“The Bank was banking on some weakness in housing as interest rates rise – that is one of the key transmission channels through which higher rates are expected to cool demand and, by extension, bring down inflation,” he said. Oxford Economics is even more dovish, seeing rates at 1.75% by the end of year, rising to 2% in 2023 and staying there until 2025.
Mortgage brokers saw a slight dip in inquiries after the Bank first hiked rates, said Sung Lee, an expert with“Rising rates are pushing many would-be homeowners to qualify higher than the current qualifying rate of 5.25 per cent, causing them to either hold off on purchasing or turn to alternative methods to raise the amount of mortgage they can afford, such as credit unions or private lenders,” he said.
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