per cent after eight consecutive interest rate increases – and experts said the pause could last throughout 2023 as the bank watches the economy responds to its policy moves so far.
CIBC chief economist Avery Shenfeld echoed the idea that the bank could take a hands-off approach to interest rate adjustments this year. Canada’s housing market has already started absorbing the higher interest rates, and Preston said that will continue as more people’s fixed-rate mortgages come up for renewal.
Canadians will “feel the pinch” of rates in their mortgages, wages and job prospects in 2023, said Shenfeld, but people can also expect some relief while shopping for goods and services if inflation continues to come down.
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