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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





12 July 2019

Should we expect a rate cut in Canada?

According to many specialists, although we didn’t see a rate cut this week, the chances for it later this year are rising.

“In case we look only at the national factors, we may believe the central bank could consider raising rates,” - noted Stephen Brown, an economist with Capital Economics. “The economic growth is exceeding the central bank’s forecasts for Q2, and core inflation has been increasing recently. However, if we look outside Canada, we’ll see trade tensions growing. Moreover, there are signs of GDP growth slowing down in the U.S., and the Fed has already hinted at future rate decline. This means the Bank of Canada will hardly consider rate hikes soon. We believe the next change will be a decrease”.

The Federal Reserve’s next move (most expect a cut) will determine the BoC’s policy. Nevertheless, mоst economists don’t expect any changes before the election.

A rate cut in Canada depends on the U.S. We have a federal election this fall, and rates tend not to change before it, but we still need to see what the U.S. decide. The Fed talks about several rate cuts, and if it’s true, the BoC will have to follow the example in order not to let the loonie grow too fast.

Although Canada created more jobs in the first quarter than during entire 2018, some say the numbers don’t show the whole picture.

If you are interested to find out more about mortgage rate trends and new CMHC incentive for first time buyers, MortgageLegko.com team is hosting free Summer BBQ on July 14th and doing presentations about new exiting program for first-time buyers and ways to free up equity for more experienced and mature homeowners. Please register here to get your free ticket!

 

 

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