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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

7 January 2019

Should we expect a rate increase this week?

On Wednesday, the central bank will announce its interest rate decision, and many predict no changes this time.

However, there will also be a Monetary Policy Report release, and the mortgage and housing industries (as well as borrowers) will pay a lot of attention to its tone.

According to CIBC economist Avery Shenfeld, the rate decision is easy. It’s what to say about the future that is more difficult.

In his opinion, we haven’t seen solid reasons for a rate hike even before the latest oil prices drop.

Shenfeld says although the Bank’s outlook will include forecasts of no changes concerning oil prices, it will still predict a gradual rise, which could allow a rate increase.

He expects the central bank’s tone to be in a wait-and-see manner, but in case the oil prices recover and the inventories don’t grow sharply, the next rate hike may be seen even in April.


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