The announcement Canadian homebuyers – and would-be homebuyers – have been waiting for could be just days away. RBC Economics is doubling down on its forecast that the Bank of Canada will finally kick-start its easing of sky-high interest rates on Wednesday, June 5th.– have been waiting for could be just days away. RBC Economics is doubling down on its forecast that the Bank of Canada will finally kick-start its easing of sky-high interest rates on Wednesday, June 5th.
“Evidence has continued to build that the current high level of interest rates is no longer needed,” reads the report. “The Canadian economy has softened significantly. Gross domestic product per capita posted another decline in Q1 this year. Inflation pressures have also slowed with the closely watched three-month growth rate in the BoC’s preferred median and trim core consumer price index measures both running below the 2% inflation target in April.
The report makes note of Canada’s weakened housing market, a clear by-product of buyers being challenged by high borrowing costs and high prices. “Wary of those risks, the BoC will likely continue to suggest that the pace of additional easing will be slow and gradual,” reads the report. “Still, we expect that, ultimately, a softer economy will keep inflation pressures moving lower in Canada.
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