Mortgage Rates Canada May 2023 UPDATE: Rates RISING on Bank of Canada Fears

Mortgage Rates Canada May 2023 UPDATE: Rates RISING on Bank of Canada Fears

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Publish Date:
27 May, 2023
Category:
Mortgages
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#canadamortgagerates #bankofcanada #canadianrealestate

Canada’s fixed mortgage rates are on the rise again, as fears mount that the Bank of Canada will be raising rates at its June announcement. With concerns growing over the affordability of Canada’s real estate market, its not clear that the housing market can withstand higher rates at its rebounding prices.

Links:

Inflation surprise puts Bank of Canada in a ‘tough spot’ for rate hikes:

https://globalnews.ca/news/9701226/canada-inflation-april-2023/

Posthaste: Bank of Canada needs to 'crush' inflation with another rate hike, Scotiabank economist says:

https://financialpost.com/news/bank-of-canada-crush-inflation-rate-hike-scotiabank

'We are in an affordability crisis and we have to wake up': CIBC's Benjamin Tal on Canada's housing market:

https://financialpost.com/news/economy/canada-housing-affordability-crisis

Average home price in April was $716,000, up nearly $100K in three months: CREA:

https://www.ctvnews.ca/business/average-home-price-in-april-was-716-000-up-nearly-100k-in-three-months-crea-1.6398793

Policy interest rate:

https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/

National Statistics:

https://creastats.crea.ca/en-CA/

Canadian home sales begin 2023 at 14-year low:

https://www.crea.ca/media-hub/news/canadian-home-sales-begin-2023-at-14-year-low/

Canada 5 Year Government Bond:

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

Another interest rate hike? Economists divided on Bank of Canada's next step: Another interest rate hike?:

https://www.bnnbloomberg.ca/another-interest-rate-hike-economists-divided-on-bank-of-canada-s-next-step-1.1922501

Tiff Macklem is sticking with rate-hike pause despite blowout jobs report — for now:

https://ca.finance.yahoo.com/news/tiff-macklem-sticking-rate-hike-170045054.html

Two Fed Officials Say More Interest-Rate Raises May Be Needed to Cool Prices:

https://www.bloomberg.com/news/articles/2023-05-22/two-fed-hawks-say-more-rate-hikes-may-be-needed-to-quell-prices

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