Renewing your mortgage? What Bank of Canada’s rate hold means for you
Global News
According to a recent Royal LePage report, 1.2 million mortgages will be up for renewal in Canada this year. Here's what the Bank of Canada's rate hold means for them.
The Bank of Canada on Wednesday decided to hold its benchmark interest rate steady, a move that could affect homeowners and prospective buyers across the country.
According to a recent Royal LePage report, 1.2 million mortgages will be up for renewal in Canada this year.
Royal LePage CEO Phil Soper told Global News that the Bank of Canada’s decision to hold interest rates at 2.75 per cent on Wednesday pumped the brakes on a cycle of declining interest rates.
“We’re in a period of declining interest rates, but as the Bank of Canada decision today to hold things steady showed, we’re near the end of that period,” he said.
Soper said for the foreseeable future, Canadians can expect stability in mortgage prices.
“We’ve had a year of steady, sometimes rapid, moving of interest rates down the ladder, we’ve reached that approximate time where interest rates are going to settle out,” he said.
Penelope Graham, mortgage expert at Ratehub.ca, said Wednesday’s decision would not change what you pay for your mortgage.
“What this essentially means for borrowers is that there’s no rate relief immediately on the horizon. For a variable mortgage rate holder, this means that your payment or the amount of your payment that goes towards interest is not going to change. It means that there are no immediate discounts for this borrower group,” she said.
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