What 15 economists think about the outlook on rates, the economy, real estate and more
With the Bank of Canada to decide on interest rates this Wednesday, just about everybody agrees rates will stay at the record low 0.25%. But for how long can we expect rates to remain this low?
Almost half of the economists in global comparison site Finder.com’s survey see rates holding for more than a year until the end of 2021, while 26.67% believe rates will hold until the first half of 2022 and 13.3%, the second half of 2022. “We are in an era where interest rates are probably going to stay low, for demographic reasons and economic growth reasons. I don’t know how low really but they’re just not going to be like where they were 20 years ago or 30 years ago,” Poloz said.
“The Bank is worried about pushing below its effective lower bound. I think it should be unconventional in these unconventional times and try a 10 bps decrease and see what happens. It can move incrementally until it really does reach the lower bound,” said Moshe Lander, professor of economics at Concordia University.There’s been a lot of debate over how the coronavirus crisis will impact the housing market, but most agree we are in for declines.
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