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Ben Sage, Moving Woodstock

BoC: “Steady as she goes” – for now!!

Posted on October 23, 2013 by Ben Sage in Borrowing Rates, Buyer, First Time Buyer, Investment Real Estate, Mortgage, Selling, Woodstock Ontario Real Estate, Woodstock Ontario Real Estate Stats

 

It’s Benchmark Interest Rate day! Exciting stuff huh?  Well, to me it is!

No surprise, at 10am this morning, the Bank of Canada announced it would hold the Benchmark Interest Rate at 1 percent, where it’s been for more than 3 years. This will likely have a calming effect on other rates over the near-term, as the Bank’s reforecast points to a weaker than expected 4th quarter.

Unlike previous rate announcements, the BoC is no longer hinting that our economic engine is revving or that interest rates are poised to go up. Earlier this month, BoC Governor, Stephen Poloz confirmed that economic growth is behind where it was forecast to be a year, or even six months ago.

While the BoC position on low rates may seem negative – there is likely a silver lining of “steady as it goes” for mortgage interest rates.


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