Bank of Canada Holds Rates, Gives Mortgagors Confidence

Central bank in Canada announced no changes to interest rates. Furthermore, forecasts state that the rate hike before 2023 is highly unlikely. Governor Macklem pointed out that the bank is striving to be clear and upfront with lenders, aiming to relieve some anxiety due to the current financial turmoil. Experts see the impact of pandemic fading away sometime in 2022. Current fiscal policy calls for financial stimulus to alleviate economic impact of the shutdown, and keeping interest rates low will certainly encourage spending.

Key Takeaways:

  • Canada is making sure that people feel comfortable that their rates will remain low despite projected economy gains.
  • People who meet certain requirements such as 35% equity have seen mortgage prices as low as 1.59%.
  • If things would get worse in a second wave of lock-down the bank doesn’t want to make any changes to the existing plan.

“The Bank sees the most serious pandemic impacts fizzling out by roughly mid-2022.”

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