09/02/2026
🚨 BANK OF CANADA RATE ANNOUNCEMENT 🚨
The Bank of Canada has held its overnight rate at 2.25% - no change from the previous announcement.
So… what does that actually mean for your mortgage? 👇
🇨🇦 Canada’s economy is showing signs of recovery: Q2 GDP grew 3.3%, and housing activity has rebounded somewhat.
📈 But inflation is still a concern: CPI inflation has been hovering around 3%, largely driven by higher gasoline prices.
⚠️ And uncertainty remains high: ongoing geopolitical tensions, higher energy prices, and new US tariffs are creating additional risks for both inflation and economic growth.
For homeowners, the important thing to remember is that the Bank of Canada’s overnight rate isn’t the only factor that determines your mortgage rate.
Variable rates are directly impacted by changes to lenders’ prime rates, while fixed mortgage rates are influenced more heavily by the bond market and lender pricing.
And if you’re approaching a renewal, you don’t necessarily need to wait for the next Bank of Canada announcement to start exploring your options.
💬 Have questions about what today’s announcement means for your mortgage? Send us a message - we’re happy to help.
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