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Mortgage Rate Forecast-December 2020

HIGHLIGHTS
  •  Bank of Canada's actions has pushed mortgage rates to record lows.
  •  Canadian economy bounced back in the third quarter, but the second wave looms.
  •  The BCREA is anticipating that the prime borrowing rate and variable mortgage rates will likely be flat over the next year, but the 5-year fixed rates may rise modestly by the middle of 2021.
  •  It is expected that the promising results from vaccine trials should lead to very strong economic growth in 2021 as pent-up spending floods back into the economy. We expect Canadian real GDP will grow by an average of 4 percent over the next two years.
  • Bank of Canada on hold and is not sure when it should end its quantitative easing policy.

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