The Bank of Canada announced today that there will be no change to the policy interest rate. As a result, the prime lending rate remains steady at 4.95%.

What does this mean for you?

✅ Variable-Rate Mortgages:
No change in your payments for variable-rate mortgages and lines of credit. This provides stability for those currently in variable products.

✅ New Borrowers:
If you’re considering purchasing a home or refinancing, this pause in rate increases offers a window of predictability and stability.

✅ Lines of Credit & Loans:
The interest on your variable-rate loans and lines of credit stays the same, which can help you plan your finances confidently.

Why the Hold?
The Bank of Canada is keeping an eye on inflation trends and economic growth, aiming to strike the right balance for Canadians. While rates have been stable lately, the future path of interest rates depends on evolving economic indicators.

Let’s Talk About Your Options
Whether you’re considering buying, refinancing, or simply want to understand how this rate hold impacts your mortgage, we’re here to help you make informed decisions.