The Bank of Canada decided to hold interest rates today, which means there was no change to the overnight rate. It remains at 2.25%. This is good news for many homeowners and buyers. Holding rates brings stability, and that’s helpful when planning your finances.
The Bank shared that inflation is staying close to its 2% target, which is a good sign. While there are still some global uncertainties, Canada’s economy is showing steady progress, and the Bank feels today’s rate level is appropriate for now.
Bank of Canada Governor Tiff Macklem said the economy is showing resilience despite some challenges. Because of that, the Bank wants more time and information before making its next move.
If you have a fixed-rate mortgage, nothing changes. If you have a variable-rate mortgage, your rate stays the same. If you’re thinking about buying, renewing, or refinancing, this pause gives us time to plan carefully and make smart choices. Some experts believe the Bank could begin cutting rates later this year if the economy needs more support. Others think the Bank is being cautious, and that caution helps avoid sudden changes that can catch homeowners off guard.
Right now, the best move is to stay informed and have a plan. Everyone’s situation is different, and small timing decisions can make a big difference. If you’re coming up for renewal, considering a move, or just want to understand how this affects your mortgage, I’m always happy to talk it through with you.
The next Bank of Canada rate announcement is scheduled for March 18, 2026, and I’ll continue to keep you updated.