As fixed mortgages with rates less than 5% are becoming a thing of the past, sentiment among economists is at least one more Bank of Canada rate hike, likely on July 12, with any chance of rate cutting not happening for a year.
Canada Mortgage Trends (CMT) reports “Rates under 5% are quickly becoming a distant memory. Many lenders, including a number of the Big 6 banks, started hiking rates earlier this week following fresh highs in the Government of Canada bond yield, which typically leads fixed mortgage rates.”
Source: westernstandard.news