Jeff Laberge, Mortgage Broker
The Bank of Canada maintained the overnight rate today and revised it’s growth projection down to 1.20%, which has caused government bond yields to fall.
This fall in government bond yields has erased the small gain in the yields which we have seen over the past couple of weeks. Overall the yields have fallen over the past 5 months, and they are likely to continue to fall, which will bring fixed rates down as well, as it appears that poorly planned economic policies enforced on the Canadian economy by the Liberal party are having adverse effects, specifically on real estate and the energy sector.
Unless the Finance Minister comes to his senses and decides to create different rules for different real estate markets in Canada, rather than considering accelerated prices in just 2 cities as a national housing problem, I expect further declines in the real estate sector.
The inability for many Canadians to purchase homes that they are able to afford, but are not qualified to purchase due to current mortgage rules, will have a long term negative effect on the Canadian economy. Home ownership is a cornerstone of a prosperous economy.
January 9, 2019 -- no change
March 6, 2019 -- no change
April 24, 2019 -- no change
May 29, 2019 -- TBD
July 10, 2019 -- TBD
September 4, 2019 -- TBD
October 30, 2019 -- TBD
December 4, 2019 -- TBD
December 5, 2018 -- no change
October 24, 2018 -- increase of 0.25%
September 5, 2018 -- no change
July 11, 2018 -- increase of 0.25%
May 3, 2018 -- no change
April 18, 2018 -- no change
March 7, 2018 -- no change
January 17, 2018 -- increase of 0.25%