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Interest Rates in Canada Aren’t Going Anywhere Just Yet

June 30, 2015

In this week’s video blog from MonsterMortgage.ca, Kristian Harris discusses a recent article in Canadian Business Magazine which discusses why today’s historically low interest rates are here to stay for the time being.

The Bank of Canada’s governor, Stephen Poloz, indicated that his main concerns for raising interest rates would be inflation and economic growth.

For the most part, inflation has been and continues to be under the Bank of Canada’s 3% target and economic growth numbers are just not where the Bank of Canada has expected it to be.

For the home owner in Canada with a mortgage, this likely means continually low interest rates, particularly when it comes to the variable interest rate mortgage product.

And until inflation kicks in, and the Canadian economy starts to post consistent and dependable growth, it is likely that interest rates in Canada will continue to remain at all time historical lows.

The article referred to in the video can be found on the Canadian Business Magazine website here: http://www.canadianbusiness.com/economy/heres-why-canadas-interest-rates-are-going-to-stay-low/

As always, thanks for watching!