Bank of Canada Holds Steady
The latest statement from the Bank gives every indication it intends to continue raising rates, but it is in no hurry to do so. The key concern appears to be oil. The low price of crude is seen as a weight on the entire Canadian economy, along with the slowdown in Canada’s property market due to government intervention.
The Bank of Canada figures 90% of the economy is working at capacity and will continue with its slow and cautious approach to rates.
The Expert Mortgage Brokers of the Coastal Mortgages Team.