The Bank of Canada has been desperately trying to avoid a rate cut this year, however pressure remains on them to come through with the cut. The next scheduled rate announcement is on December 4th, where there is greater chance that we’ll see it happen. We will definitely see a rate cut coming…. it’s just a matter of whether it’s onDecember 4th, or whether it happens in 2020.
Meanwhile, 5 year fixed rates have risen to 2.69% – 2.99%, depending on your situation. The upward pressure on fixed mortgage rates was largely due to the anticipation of lack of action from the Bank of Canada. As market confidence towards the BOC cutting rates, we’ll then start to see fixed rates start to fall back down again.
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