TD Bank Group's chief economist Craig Alexander spoke about the current, low mortgage rates, while addressing the St. John's Board of Trade on Thursday.
Alexander said he expects a shift in mortgage rates mid next year.
As for housing markets and fears of a housing bubble in Canada, he said those concerns are not evenly spread across the country.
In Newfoundland and Labrador, Alexander said rising personal incomes and lower unemployment particularly in St. John's are helping create a strong real estate market.
He does expect housing starts to slow over the next few years.