Strange, I've been hearing all day how bank interest rates are going to remain low.
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OTTAWA — A new report finds low interest rates are keeping Canadian house prices within reach of homebuyers in many markets. The Royal Bank's quarterly report on housing trends, released early Friday, shows housing affordability improved slightly in the third quarter, after two consecutive quarters when things got worse.
RBC chief economist Craig Wright says a lower interest rate environment, which includes mortgage rates, is helping to reduce the cost of a home.
"Elevated uncertainty relating to the European sovereign-debt crisis and the downside risk for economic growth have contributed to keeping interest rates at low levels," said Wright.
Those lower rates are helping to cushion the impact of rising home prices in many cities even as the economy slow and consumer confidence weakens.
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RBC forecasts that interest rates will remain exceptionally low in Canada until mid-2012 and rise gradually after that.
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http://www.ctvbc.ctv.ca/servlet/an/l...shColumbiaHome
Also, the BOC's next interest rate decision isn't until Dec 6th.
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Mr. Carney acknowledged that interest rates are likely to go up at some point between now and the end of 2013, but gave no indication as to when, or by how much.“The path for interest rates in Canada will be appropriate ... to achieve the inflation target, and we’re not going to tie our hands on that path because we’re obviously living in volatile times,” he said in news conference after his speech. “At some point over that horizon there will be a removal of monetary stimulus, but obviously we have to manage according to events.”
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http://www.theglobeandmail.com/repor...rticle2246251/
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OTTAWA - There is good news for anyone holding credit card debt, a car loan or a variable rate mortgage. In a speech to the Board of Trade of Metropolitan Montreal, Bank of Canada governor Mark Carney confirmed he is still comfortable with a policy that has kept interest rates low.
"In this environment, the bank judges it appropriate to maintain the considerable monetary stimulus in place," Carney said.
The current policy has put Canada's key interest rate at just 1%, which makes consumer debt more affordable and also tends to stimulate the economy.
Carney attributed the policy, in part, to Europe's debt crisis.
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http://www.torontosun.com/2011/11/23...ng-room-carney
I presume you asked your specialist where they got there info from and what they are basing it on?