If you are keeping an eye on your budget while house hunting in Greater Victoria this summer, the word for July is stability.The Bank of Canada is holding its policy interest rate steady at 2.25%. Because inflation and job numbers have thrown a few mixed signals lately, the central bank has entered an economic stalemate—growth is soft enough to stop them from raising rates, but lingering energy inflation is keeping them from cutting further. Here is where local numbers stand right now:
- Variable Mortgage Rates: With the policy rate steady, the bank prime rate remains anchored at 4.45%. This keeps 5-year variable rates hovering around 3.40% to 3.50% for well-qualified buyers.
- Fixed Mortgage Rates: Government of Canada 5-year bond yields are holding around the 3% mark, keeping competitive 5-year fixed rates right around 3.95% to 4.09%.
