BCREA Sees Interest Rate Hike Pulling 5 Year Mortgages Above 5.5%

The Bank of Canada hiked their interest rate by 25 basis points to 4.75 percent, due to a stronger than expected first quarter of 2023. This is expected to bring 5-year fixed mortgage rates back above 5.5 per cent. Canada's real Gross Domestic Product (GDP) grew 0.8 per cent in the first quarter of 2023, with almost all of the growth concentrated in the month of January. Exports rose 2.4 per cent in the first quarter, while imports rose 0.1 per cent. Core inflation has been stubbornly trending around 4 per cent, and the Bank of Canada fears

Get Today's Best Rate!

    This will close in 0 seconds