{"id":10303,"date":"2018-09-12T10:10:56","date_gmt":"2018-09-12T17:10:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10303"},"modified":"2018-09-05T12:35:10","modified_gmt":"2018-09-05T19:35:10","slug":"the-bank-of-canada-is-on-track-to-raise-interest-rates-again","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/the-bank-of-canada-is-on-track-to-raise-interest-rates-again\/","title":{"rendered":"The Bank of Canada is on Track to Raise Interest Rates Again"},"content":{"rendered":"

In line with economists\u2019 consensus prediction, the Bank of Canada today chose not to hike its mortgage rate-influencing overnight rate.<\/p>\n

\u201cAs widely expected, the Bank of Canada left the overnight rate unchanged at 1.50% cent today,\u201d write National Bank economists Krishen Rangasamy and Paul-Andr\u00e9 Pinsonnault, in a note. \u201cThe central bank acknowledged the economy\u2019s strong performance last quarter \u2500 recall Q2 real GDP growth in Canada was 2.9% annualized \u2500 but said the economy is evolving \u2018closely in line\u2019 with its earlier projections.\u201d<\/p>\n

In its release, the Bank noted that the housing market is \u201cbeginning to stabilize as households adjust to higher interest rates and changes in housing policies.\u201d That, combined with an acknowledgement that the debt burden among households is starting to lower, has TD senior economist Brian DePratto predicting that the Bank will choose to hike the overnight rate in October.<\/p>\n

\u201cThe Bank of Canada made it clear that it is still on track to raise interest rates again this year,\u201d he writes, in a note. \u201cThe Canadian economy is indeed evolving in line with its projections, with the desired rotation of demand towards investment and exports, and a stabilization of the housing market after a difficult start to the year ….. We believe the BoC will raise interest rates at its October meeting, consistent with its gradual approach to policy normalization.\u201d<\/p>\n

Rangasamy and Pinsonnault agree that an October hike is likely, though are unwilling to guess what the Bank will choose to do after that.<\/p>\n

\u201cBarring a major shock, an October hike looks like a pretty safe bet, but after that the picture becomes murky,\u201d they write. \u201cThe Bank has been marking down its growth outlook to account for trade uncertainty \u2013 any resolution on the NAFTA front is thus likely to mean a stronger outlook, and by extension, a faster pace of hikes, all else equal.\u201d<\/p>\n

As the overnight rate climbs, mortgage rates will also be pushed upwards, possibly causing some would-be buyers to reconsider entering the housing market. Beyond causing a slowdown in activity, a rate increase would weigh on existing homeowners, who might struggle to make higher mortgage payments.<\/p>\n

Canadian Housing Market Watchers Beware : An Interest Rate Hike in October is Almost A Sure Thing<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

In line with economists\u2019 consensus prediction, the Bank of Canada today chose not to hike its mortgage rate-influencing overnight rate. \u201cAs widely expected, the Bank of Canada left the overnight … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-10303","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"\nThe Bank of Canada is on Track to Raise Interest Rates Again • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/the-bank-of-canada-is-on-track-to-raise-interest-rates-again\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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