Posted 11/15/2023, 5:23:44 PM
Economist Warns Canadians to Brace for Higher Mortgage Rates Even if Bank Cuts Interest Rates
- Economist warns Canadians should expect "big increases" to mortgage rates even if Bank of Canada cuts interest rates
- Interest rates unlikely to return to near-zero levels most Canadians are used to
- Many Canadians protected so far on fixed mortgages, but shock coming when they renew
- Housing supply shortage means house prices haven't dropped much despite rate hikes
- Mortgage crunch having broad impacts on economy if consumer spending drops