As the Bank of Canada is largely expected to hold interest rates at its announcement on Wednesday, economists expect it could be the last in a string of pauses.

Economists tracked by Bloomberg unanimously believe the Bank of Canada will hold interest rates at five per cent for a seventh straight announcement. However, just five of 13 economists are predicting another hold at the central bank’s next announcement on June 5, with the remaining anticipating a cut to 4.75 per cent.

Francis Fong, managing director and senior economist at TD Economics, also believes the Bank of Canada is in for at least one more hold before cutting in the summer.

“I don't think anyone admires the Bank of Canada's position right now,” he told BNN Bloomberg in a television interview on Tuesday.

“Anywhere you look, you could find evidence and argue in favour of cuts or starting them as soon as possible and then you could find evidence sort of delaying.”

Fong said Canada’s interest rates themselves are keeping shelter costs – and in turn inflation – high, but on the other hand, any dip in rates is expected to boost demand in the housing market and drive up prices.

“I think a lot of borrowers are still sitting on the sidelines,” he said. “There are still gainfully employed Canadians that are waiting for prices to jump in, which incidentally also puts a bit of a floor in housing prices because the instant there's a drop in interest rates, a drop in prices that makes things even remotely affordable, people are jumping back in.”

Homebuyers echo that sentiment. A survey from Royal LePage in February found 51 per cent of Canadians who paused their homebuying plans intend to resume their search once the central bank begins cutting rates.