Could ongoing inflation soon mean higher rates?
Inflation in September 2021 hit 4.4% - the highest level on record since 2003 and Bank of Canada expects that inflation could soon reach 4.8%. Bank of Canada Governor, Tiff Macklem, indicated that inflationary pressure could lead to the Central Bank raising rates by Spring of 2022 with possibly even more to come. A jump in energy prices and pandemic- related supply chain pressure, the main reason inflation continues to trend higher now appear to be more tenacious than expected. For homeowners, with these rate hikes on the horizon, is now the time to lock in a fixed mortgage rate? Obviously, nothing is guaranteed however If your thinking is in line with those who feel that rates will head up next year then locking into a fixed rate mortgage will offer some peace of mind. Trying to make sense of your real estate numbers? Call your Willoughby Real Estate Agent at 604-514-9667. Get the advice you need!
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