Alexandru Matei Mortgage Broker Ontario

  The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is also continuing its policy of quantitative tightening. Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high. While economic growth around the world is softening in the face of higher interest rates, major central banks are signalling that interest rates may have to rise further to restore price stability. In the United States, the economy is slowing, although consumer spending remains surprisingly resilient and the labour market is still tight. Economic growth has essentially stalled in Europe but upward pressure on core prices is persisting. Growth in China is expected to slow after surging in the first quarter. Financial conditions have tightened back to those seen before the bank failures in the United States and Switzerland. C...

  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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