CIBC world markets has trimmed their forecast for a Bank of Canada rate hike in coming months. The reasons for changing their forecast is due to slow growth in world markets, particularly in the US, which is Canada’s largest trading partner.
This is part of the reason I have continued to recommend variable rate mortgages to clients. The lower rates appear to be here for a while still and even before the turmoil of the US markets variable rates had historically come out ahead of fixed rates.
It is still a great time to get a variable rate mortgage, with rates almost down to pre-recession levels. Contact me to get a great rate on your mortgage.