The Bank of Canada has had their share of excitement this year. While there was a big shake up in the mortgage rules this year, there were also big changes to the person in charge of making those changes. The Bank of Canada Governor will be moving on from his position and there will be a new successor.
I believe that the Bank of Canada and the new changes this year will not increase interest rates. What they tried to accomplish worked. They slowed down the craziness of the market and made our housing market more stable for the future. While the market has slowed down, it’s a good thing. Over inflation and a market bubble is the worst thing that can happen to a thriving economy. Do I have to say the obvious. Look to our friends in the south for bad practices, and market bubbles to see what can happen with little or no regulation.
So for now the interest rates will stay the same well into next year, and the housing market will see a little decline and return to normal balance of highs and lows.