{"id":277835,"date":"2023-03-10T17:28:40","date_gmt":"2023-03-10T17:28:40","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=277835"},"modified":"2023-10-12T20:48:17","modified_gmt":"2023-10-12T20:48:17","slug":"are-interest-rates-done-rising","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/interest-rates-done-rising\/","title":{"rendered":"Are Interest Rates Done Rising?"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb-link title=”Real Estate 101″ _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjcyMiJ9fQ==@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”Buy” _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjE2MzIifX0=@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IiIsImFmdGVyIjoiIn19@” _builder_version=”4.18.0″ _dynamic_attributes=”title” _module_preset=”default” module_text_color=”#686E6E” global_colors_info=”{}”][\/wahi_breadcrumb-link][\/wahi_breadcrumb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_margin_tablet=”” custom_margin_phone=”-15px||||false|false” custom_margin_last_edited=”on|phone” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _dynamic_attributes=”content” _module_preset=”default” header_font_size=”3.5rem” header_line_height=”4.5rem” header_font_size_tablet=”42px” header_font_size_phone=”2rem” header_font_size_last_edited=”on|phone” header_line_height_tablet=”4.5rem” header_line_height_phone=”2.75rem” header_line_height_last_edited=”on|desktop” global_colors_info=”{}”]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||1px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”24px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_margin=”||20px|||” text_font_size_tablet=”24px” text_font_size_phone=”18px” text_font_size_last_edited=”on|desktop” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n

Three leading Canadian economists suggest the Bank of Canada will keep the overnight rate locked at 4.5% for the rest of the year.<\/p>\n

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By Josh Sherman<\/a>\u00a0<\/span>| 3 minute read<\/p>\n

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Changes to the Bank of Canada’s overnight rate affect interest rates for everything from mortgages and car loans to student debt.<\/p>\n<\/div>\n<\/div>\n

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Homebuyers and owners are probably breathing a little easier after the Bank of Canada\u2019s latest announcement. On March 8, in a move that was widely expected by market-watchers, the central bank revealed it was holding its key policy interest rate at 4.5% \u2014 at least for now.<\/span>
<\/span>
<\/span>Rising interest rates have been a sore spot for many Canadians and <\/span>especially those mortgage borrowers with variable interest rates<\/span><\/a>, which rise and fall in response to the bank\u2019s policy rate (also known as the overnight rate). The rate-hiking frenzy began on March 2, 2022, with a 25 basis point increase to what had been a historically low overnight rate of 0.25%. The <\/span>most recent hike<\/span><\/a> was on January 25, which saw the BoC pile on another 25 basis points, bringing the rate to 4.5% \u2014 the highest level since 2007.<\/span><\/p>\n

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“The question now is how strongly Canada\u2019s debt\u2011saddled economy responds following months of aggressive monetary tightening.”<\/strong><\/span><\/h2>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”32px||0px|||” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Prior to the Wednesday morning announcement, the central bank had hiked the overnight rate eight consecutive times as it tried to claw back post-pandemic inflation, which this summer reached a 39-year peak (digital real estate platform Wahi recently explained the <\/span>relationship between interest rates and inflation<\/span><\/a>). So, after making its first pause in a year, is the BoC done with rate hikes this cycle?<\/span><\/p>\n

[\/et_pb_text][et_pb_divider show_divider=”off” _builder_version=”4.18.0″ _module_preset=”default” height=”30px” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

When It Comes to Future Rate Hikes, \u201cIt Depends” \u00a0\u00a0<\/b><\/h2>\n

<\/h3>\n

Will the Bank of Canada pull interest rates higher? \u201cIt depends,\u201d writes BMO Senior Economist Sal Guatieri in a note to clients. \u201cThe Bank of Canada\u2019s <\/span>press release<\/span><\/a> made clear that the rate-hiking pause is data dependent,\u201d he points out. On that front, he notes that the numbers indicate that inflation is trending downward. By June last year, the <\/span>Consumer Price Index<\/span><\/a>, a leading indicator of inflation that measures the cost of goods and services over time, had soared to 8.1% on a year-over-year basis. Flash forward to this January, and the CPI sat at 5.9%.<\/span>
<\/span>
<\/span>The Bank of Canada, Guatieri continues, continues to project inflation will sink to 3% by the middle of the year, just one percentage point higher than its target. \u201cSo long as this forecast stays on track \u2014 and the economy weakens and labour markets loosen \u2014 the Bank will be inclined to stick to the sidelines,\u201d he concludes.<\/span><\/p>\n

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The labour market\u2019s performance persists as an outlier. \u201cLabour market tightness remains on the minds of monetary policymakers with wage growth running at levels inconsistent with 2% inflation,\u201d Desjardins Principal Economist Marc Desormeaux <\/span>writes in a report<\/span><\/a>. Canada gained 22,000 jobs last month following an unexpected surge of 150,000 more jobs in January, according to Statistics Canada<\/a>. In a separate report<\/a>, Desormeaux offers a potential explanation: “One possible interpretation of the recent employment surge is that immigrants and net non-permanent residents are filling job openings, thereby offsetting weakness in other parts of the economy.”\u00a0
<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Although a stronger-than-expected labour market could contribute to another rate hike, it may not be cause for concern for anxious borrowers. \u201cIn the job market, we might just be seeing the final throes of hiring related to last year’s increases in labour demand, with that hiring delayed by the difficulty in filling vacant positions,\u201d explains Avery Shenfeld, chief economist of CIBC World Markets. Nonetheless, Canada\u2019s fifth-largest bank expects the overnight rate to remain locked at 4.5% through the year.<\/span><\/p>\n

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We put the real<\/em> back in real estate.<\/span><\/h2>\n

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Join Wahi today and find out how easy it is to get real estate in the GTA<\/a>.<\/span><\/p>\n

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GET STARTED<\/p>\n

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Like BMO\u2019s Guatieri, Desormeaux of Desjardins agrees that any decision the BoC makes will depend on how the economy weathers the past cluster of rate hikes. \u201cThe question now is how strongly Canada\u2019s debt\u2011saddled economy responds following months of aggressive monetary tightening,\u201d adds the economist and policy analyst. \u201cWe think that this year, the Canadian economy will increasingly feel the full impact of last year\u2019s interest rate hikes, which tend to take six to eight quarters to materialize.\u201d<\/span><\/p>\n

 <\/p>\n

That\u2019s good news for many mortgage borrowers, who should stay tuned for the Bank of Canada\u2019s next scheduled rate announcement on April 12.<\/p>\n

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Wahi Writer<\/p>\n

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