Alexandru Matei Mortgage Broker Ontario

  Summary (updated April 2023) The prime rate in Canada as of April 12, 2023 is 6.7%. (last change: +0.25% on January 26, 2023) On Wednesday, April 12th, 2023, The Bank of Canada announced that it will hold the key interest rate at  4.50%  and will be continuing their pause on rate hikes for the near future while they look closely at the economy to determine future policy. The continued pause on rate hikes was largely predicted by Canada’s economists. With news of the Silicon Valley Bank failure, bond yields (which influence fixed mortgage rates) dipped significantly. However, the market has now stabilized. Bank economists believe that there will be no more rate hikes for the rest of the year and to possibly expect rate cuts in 2024. 2023 Predictions (updated for Spring 2023) Expectations that rate hikes are done for the remainder of the year look all but certain at this point. We look forward to seeing if the projected rate cuts in late 2023 will materialize. We predict ...

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