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Will Weak Jobs Growth Keep Canadian Interest Rates Lower

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According to recent economic data, Canadian economy is struggling and it’s quite possible that the Bank of Canada will not raise interest rates until mid-2016.

Published in: Economy & Finance
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Will Weak Jobs Growth Keep Canadian Interest Rates Lower

  1. 1. Will Weak Jobs Growth Keep Canadian Interest Rates Lower?
  2. 2. After The Recession of 2009 Bank of Canada artificially lowered its overnight lending rate. By lowering the lending rate, the Bank of Canada was hoping banks would lend more money to businesses and people.
  3. 3. According to the Experts at Canadalend.com Canada avoided the same kind of crippling recession to hit the United States and many other major global economies. However, the Canadian economy has not rebounded as quickly as many had hoped.
  4. 4. Canadian Economy Is Struggling More Than People Thought In July, Statistics Canada tallied the addition of just 200 jobs to the economy, far fewer than predicted; analysts were expecting a gain of 25,400 after posting a loss of 9,400 in June.
  5. 5. The poor hiring numbers mean the Bank of Canada have little choice but to keep ultra- low borrowing costs near record lows deep into next year—and according to some, maybe even beyond.
  6. 6. Ultra-low Interest Rate Environment Is Welcome News. That’s because the more your mortgage costs, the less affordable it is to buy a home. Lower interest rates also free up capital that can be put to better use elsewhere. Today, five-year fixed-rate mortgages are available in the 2.99% range. Five-year variable-rate mortgages are available in the 2.40% range. For potential home buyers, it looks like fixed and variable interest rates are going to stay low for the foreseeable future.
  7. 7. What Kind of Mortgage You Qualify For Contact the independent, licensed mortgage experts at Canadalend.com Get pre-approved in 24-hours or less. Get the mortgage best suited to meet all your needs.

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