Fixed rates may be heading higher, but variable-rate holders can rest assured their rates won’t be going up just yet, at least according to Bank of Canada Governor Tiff Macklem.

During a speech on Canada’s labour market, Macklem said monetary policy will need to continue to provide stimulus for a “considerable period” because a complete economic recovery is “still a long way off.”

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Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  February 26, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/02/latest-in-mortgage-news-boc-sees-early-signs-of-housing-overheating-but-will-keep-rates-low-for-now/