this is the soft Landing scenario it’s always been a narrow path and we have yet to fully stick The Landing the head of Canada’s Central Bank says we’re on track for a so-called soft Landing slowing the economy to tame inflation without steering us into a recession and spiking unemployment inflation is not yet 2% but it is a lot closer and with further and sustained easing and underlying inflation in recent months we are more confident that inflation will continue to move closer to the Target a new forecast from deoe the world’s largest Professional Services firm also sees a soft Landing for Canada the economy narrowly dodged a technical recession in the last half of 2023 and is showing strength this year enough to Warrant a couple of rate Cuts deoe forecasts that the central bank’s Benchmark interest rate will end the year at 4.25% with more Cuts next year to bring it to 2.75% by the end of 2025 now that will bring Financial relief for many households and businesses managing variable rate debt payments but according to Dee’s Chief Economist it won’t come soon enough to Stave off a fresh wave of financial pain as households that secured ultra low interest rate mortgages during the pandemic face renewal there’s still a large percentage of Canadian mortgage holders that are going to have to renegotiate their mortgages and these are the people who really benefited significantly from the rate reductions but when we look forward they are also the group that are going to be really facing much higher interest costs that’s expected to weigh on economic growth next year deoe also warns there are pain points on the horizon weak business investment in Canada’s productivity problem pose risks to Canada’s long-term economic resilience an gaviola Global News Toronto
Deloitte Canada’s latest economic outlook suggests that the pace of interest rate cuts is expected to increase in 2025, but this may not be sufficient to shield many Canadian homeowners from the impact of impending mortgage renewals.
The forecast, released on Wednesday, predicts a 1.2 per cent growth in the overall real gross domestic product for 2024, slightly higher than the previous estimate of 1.0 per cent. However, Deloitte Canada has revised its expectations for 2025, now projecting a growth of 2.6 per cent as opposed to the previously anticipated 2.9 per cent.
Global’s Anne Gaviola has more on what the world’s largest financial services firm sees on the horizon for the Canadian economy and household budgets.
For more info, please go to
Subscribe to Global News Channel HERE:
Like Global News on Facebook HERE:
Follow Global News on X HERE:
Follow Global News on Instagram HERE:
#GlobalNews #Canada #mortgage #mortgagerates
My son had to move to another country to buy a home and chase his dreams. We're losing young professionals
Good hardworking families taking a hit. Just wait and see.
That speech was before the inflation increased to 2.9%. Doesn’t look good. BOC would be better led by a monkey.
"soft landing". It has been in crash for 2 years.
Hahahahahahahahahahhah…HEAVY BREATHING…HAHAHAHAHAHAHAHAHAH
I don’t believe a word he’s saying
First guy to lose money with the BOC still has a job and probably got a bonus.
Yeah… soft landing. Like jumping into a pile of manure.
Tiff Macklem = incompetent
Get ready for the mortgage crisis.
Soft landing?
Just like all those people got bamboozled by the promise of prolonged low mortgage interest rates
Where you see inflation going down and if it was did right we would have double that
Nice dream. Good luck with that.
BANK DOES NOT CARE ABOUT ANYONE!!!BUT THEMSELVES ,,!!
HOW DARE TO TRAP PEOPLE INTO LOW RATES!AND THEN RAISE 10 times more!!!
2% compare to what. ?
when ur entire economy is housing and oil.. lmao Canada sucks
How will the banks cut interest rates? That makes no sense. Inflation is at 3%. The harm done by inflation is not repairable.
Scammer !!!!
Money printing, inflation, interest rates it's all manipulation and fraud and people accepted it that's the problem with society
More closer?
Houses are still artificially high. It's not right first-time homebuyers needs parents to get into the market. The housing market is so broken. Let's start by forcing all current foreigners to park their money somewhere else within one year (fail to do so, automatic auction sale) and make residential properties for Canadians only, Ban mortgages/HELOCS on 2nd properties, House sold within 3 years will be taxed 100%, income verification using income tax assessment directly from the CRA. Interest rates should never be below 5% as it is low. Lower than that is extremely low.
Justinder Trudie to the rescue… another bailout on the way ??
This Joker first need to be remove from his job
Says who? Trudeau and Freeland keep telling us, Canadians are filthy rich and Canadian economy is burning hot. Certainly Canadians can afford a little more mortgage payments
Ofcourse they say soft landing.
Who gets all the extra money and why?
Economic propaganda .
What a crock! Just make stuff up and hope it pans out.
And use liberal like descriptors to do it.
Soft landing