The Bank of Canada is holding its rate as of yesterday’s announcement showing that the Bank is comfortable taking more time to assess inflation and economic data.
This action does reinforce that we’re in a stable, wait-and-see phase of the rate cycle. Status quo for now.
Here’s what that means:
If you’re on a variable-rate mortgage or HELOC:
Nothing changes today. Your rate and payment stay the same for now.
If you’re shopping for a fixed rate or planning a renewal:
Fixed rates are driven by bond yields, not the Bank directly. Yesterday’s announcement doesn’t automatically move pricing — it mainly confirms that current offers are holding steady for now.
If you’re considering a purchase or refinance:
This environment can make planning easier. With rates on pause, you have time to review numbers, compare options, and prepare without pressure from sudden policy shifts.
Now really is the time to get out and find your next home. Best to get in the game before the masses get the same idea. Buyers who are financially approved should take that next step now…the inventory is out there, sellers want to get moving, and this time of year, the pool of buyers is low…there is less competition.
Let's Go Buyers, it is TIME!