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April mortgage rate update from the Bank of Canada
Manage episode 412961980 series 3514264
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The Bank of Canada Holds is over Overnight Rate at 5%. This came as no surprise, most of us in the industry didn't expect much much to happen until June. To be clear, the bank Canada announcement is specific to variable or line of credit mortgages. Fixed mortgages have been coming down since last October, but the media doesn't seem to be covering that for some reason.
So you might be asking, what's the holdup? Why are they not stopping the pain and lowering floating interest rates?
High inflation in the US is a huge factor, it has a ripple effect up here in Canada. The high cost of housing also keeps our Canadian inflation numbers high. Obviously, the higher cost of fuel with things like a carbon tax doesn't help either.
Canada is currently experiencing high unemployment numbers.
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