"No predetermined path for interest rates from here", Stephen Poloz says. Everyone, please pay attention to this important information: Bank of Canada governor Stephen Poloz said in his most recent speech Wednesday that there is no prearranged route for further interest rate hikes and that the central bank will take a more cautious approach to any further increases. Scotiabank economist Derek Holt said interpreted Poloz's comments as indications they will skip a hike at the October 25th meeting and re-evaluate in December. TD Bank economist Brian DePratto interpreted the speech as a sign the bank would be in no rush to raise rates as the rate hikes in July and September were discussed in the context of the 2015-2016 oil shock, the impacts of which are seen as largely in the past, and markets shared this interpretation. For those concerned about another rate hike in October, it's clear that it is unlikely. Please contact me if you have any questions. Have a great Friday everyone.
Bank of Canada Announcement: The Bank of Canada has announced that they are raising their key interest rate by 0.25%. Major lenders have already began increasing their Prime Rate from 2.95% to 3.2%. Anyone who currently holds a Variable Rate or Adjustable Rate Mortgage, as well as those who hold a Home Equity Line of Credit will be directly affected. Please speak to myself or to your Mortgage Advisor for further details and for advice on whether or not it's a good time for you to make the switch into a Fixed Rate. Remember, there is no standard for who should make the switch. It's on a case by case basis. Your Mortgage Advisor will be able to explain in further detail. I am away until the 11th but please feel free to reach out to me and I'll do my best to assist you however I can. Have a great Wednesday evening everyone!
Congratulations to all my clients who have been approved for their mortgages and are ready to close on their homes. I'm very happy and thankful to have had the opportunity to work with you all. If you are interested in discussing different mortgage options that are best suited to you and your needs, please call me. I am happy to help. I also have excellent mortgage advisors on my team who are available and ready to give you great advice. Have a great Long Weekend everyone!
Breaking News: Bank of Canada increase key interest rate from 0.5% to 0.75%. The last time the Canada's central bank increased this rate was September 8, 2010. What does this mean for you? I'm happy to explain how this will affect you directly, so please call me, text me, or email me to discuss. Everyone's situation is different. I'll advise you on the best approach to take going forward. Looking forward to your inquiries. Have a great day everyone.