What mortgage owners need to know about the BoC rate hold
BNN Bloomberg
Experts say mortgage owners will be left with mixed emotions after the Bank of Canada decided to hold interest rates and indicate that it's too early to lower rates.
The central bank elected to hold its key policy rate at five per cent on Wednesday for the fifth consecutive meeting, while Bank of Canada Governor Tiff Macklem said in a speech that it is “still too early to consider lowering the policy interest rate.” Victor Tran, mortgage and real estate expert at Ratesdotca, said in an interview with BNNBloomberg.ca Wednesday the announcement was of “no surprise to Canadians.”
Alana Riley, head of insurance mortgages and banking solutions at IG Wealth Management, said in a statement to BNNBloomberg.ca Wednesday that the Canadian bank prime rate will remain at 7.2 per cent following the policy rate announcement.
“This announcement has left many Canadians with mixed emotions as some were expecting the rates to drop in the upcoming Spring season. Unfortunately, this decision will continue to put pressure on the cash flow of Canadian households with variable-rate mortgages, HELOCs (home equity line of credit), and unsecured lines of credit,” she said.
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