10/28/2021
Get ready for higher interest rates! Yes, this means for both mortgages and GICs. The government of Canada 5 year bond yield which always leads these rates has exploded recently and with today's announcement from the Bank of Canada that they are expecting inflation to be at 5% towards the end of the year, you should see these consumer rates rise within the next month. Bond rates are now higher than pre-pandemic.
Bottom line is: If you have to renew a mortgage, do it now! If you have GICs to reinvest, wait a bit longer for GIC rates to rise and catch up to their bond counterparts.