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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





11 September 2017

What to expect from the Bank of Canada in the nearest future?

We’ve seen a lot of fuss about the time and direction of interest rates changes in Canada. Are the rates too high or too low? Is it the right time to raise them or should the central bank wait? The Bank of Canada has been balancing between the two sides since the Great Recession and the following normalization period.

Today, the Bank is hitting with rate increases, as the national economy shows strong results. Last week’s rate hike followed an unexpected rise in July, which was the first one in seven years. Moreover, many specialists predicted the first increase later this year.

“The recent economic results turned out better than we expected, and it supported the Bank’s opinion that Canada is showing a wider and more self-sustaining growth,” - the governor Stephen Poloz noted in the official statement, explaining the decision to raise the BoC’s key lending rate by 0.25% to 1%.

Now it’s vital for the Bank to find and keep the balance without struggling over unexpected difficulties, which could potentially appear from Brexit, Donald Trump and NAFTA.

According to Andrew Grantham, an economist at CIBC World Markets, last week, the central bank decided to speed up in returning to 1%, although many experts predicted a hike in October.

“In fact, it doesn’t matter if the Bank decided to raise rates this month or next. The most important thing is how fast the rates will go from this point, and the BoC didn’t give as many hints at a long pause as we expected,” – ha said.

Craig Alexander, senior vice-president at Conference Board of Canada, believes that last week’s increase will bring a pause until the year-end.

In his opinion, the central bank will assess the hike’s influence on the national economy and see that it’s quite strong to withstand another gradual and careful tightening.

 

 

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