Kelowna Real Estate Market News

 

The BC Real Estate Association has published its latest forecast for Mortgage Interest Rates today.

 

Mortgage Rate Outlook

Canadian mortgage rates have continued 2017’s upward trend. The five-year qualifying rate for insured mortgages bumped up 15 basis points to 5.14 percent while discounted rates offered by lenders increased similarly to 3.39 percent. The increases were driven by the earlier than expected rate increase by the Bank of Canada in January. The Bank has now raised interest rates three times since last summer, with its key policy rate sitting at 1.25 percent.

 

The Bank’s next move and the impact on mortgage rates hinges on how Canadian inflation evolves over the next two years. Our baseline forecast, which lines up similarly with the Bank of Canada’s, assumes the Canadian economy will return to its full employment level this year. That would mean inflation returning to the Bank’s 2 percent target with the overnight target rate gradually...

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