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Bank of Canada: Another Interest Rate Hike on the Horizon

The Bank of Canada's statement on Wednesday indicated another increase would be made to the overnight lending rate, which currently stands at 1.25%. 

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The Bank of Canada’s statement on Wednesday indicated another increase would be made to the overnight lending rate, which currently stands at 1.25%.

The central bank wrote that “higher interest rates will be warranted to keep inflation near target.”

BMO’s senior economist predicts the next hike will come in July.

While Bank of Canada has previously delayed rate hikes to avoid slowing down the market, the latest statement indicates that Canada’s real estate market is doing better than expected this spring.

Centris sales statistics for May confirm that Montreal’s real estate market is picking up, and expected to perform well this year in terms of sales volume and appreciation.

Buyers considering a purchase in the next 3 months are recommended to compare mortgage rates across Montreal’s lending institutions and  to obtain a pre-approval, while will protect them against an upcoming hike.


This article, Bank of Canada: Another Interest Hike on the Horizon, appeared first on Shupilov News.

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