Experts believe that low interest rates in Canada may be here to stay in the near future. The Bank of Canada has recently announced that is keeping interest rates at 0.25%, which is on the lower end. Nearly 81% of economists believe that this overnight rate will stay the same for at least a year. The announcement allows Canadians to have faith that their interest rates will not vary until the economy has recovered from the COVID-19 pandemic.
- Experts predict that the current low rates will remain until sometime in 2022 or 2023.
- Competition between mortgage lenders is causing fixed and variable rates to creep down.
- One expert recommends shopping around for mortgages or refinancing to reap the benefits of the historically low rates.
“For Canadians currently shopping for a home, they should get a pre-approval to lock in today’s rates for up to 120 days”