While BoC stands pat, interest rates are starting to change fast. Mortgage relief is starting, even as the Bank of Canada continues to leave its benchmark overnight rate untouched. But alongside change comes a marked decline in rates guaranteed investment certificates. Now is the time to zero in on what’s happening with the interest rates that interest you. Note…other rates are indirectly influenced by the overnight rate, but move independently. For example, the cost of fixed-rate mortgage. 5 & 3 year rates have steadily been decreasing in the last little bit, but they’ve sort of plateaued. In light of speculations that the BoC may decrease their benchmark rate in the coming month maybe a long closing date is something to consider when buyer in today’s real estate market.
Source: Globe & Mail - Published January 25, 2024 - Author Rob Carrick
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