The Bank of Canada announced this week that they’re keeping their overnight rate target at 1.75%. Yet again.
The primary motivation for their reluctancy to increase rates was the growing evidence that the economy would slow the rest of the year and even into the next.
Even so, consumer spending has started to increase this quarter—as has exports—and this has given the bank confidence that recent slowdown is only temporary.
The next rate update will occur in July; although investors don’t expect any rate increases until at least October, with a few predicting no increase until December. If their predictions play out, getting a mortgage today may be a wise choice for your investment plan.
If you want to know what options are available or want to find the best rate for you today, contact our office.