04/29/2026
The Bank of Canada made its latest interest rate announcement and they held rates where they are.
This was the expected move.
But the decision itself isn’t really the story. What matters is why they held — and what that tells us about where things are headed next.
There are two very different forces pulling in opposite directions:
The Canadian economy is still showing signs of fatigue. Growth isn’t strong, unemployment is creeping up, and there’s clearly pressure building underneath.
Alternatively, we’ve got global issues pushing oil prices higher.
If they cut rates too soon, they risk inflation coming back.
If they tighten, they risk putting more strain on an already soft economy.
So, for now… they sit tight.
What this means for your mortgage, right now
Variable rates
These are now the most predictable piece of the puzzle in the short term. With the Bank of Canada in a holding pattern, there’s no immediate pressure for them to move. That creates a window of stability.
Fixed rates
This is where things are more sensitive.
Fixed rates are being driven by the bond market — and the bond market right now is reacting to global headlines, not just Canadian data.
When inflation expectations rise, fixed rates tend to drift higher as well.
This isn’t a simple “rates are going up” or “rates are going down” environment.
This is a moving target environment.
And more than anything, it’s being influenced by factors outside of Canada.
That’s why you’re seeing:
Sudden shifts in fixed rates
Periods of stability followed by quick changes
