09/02/2026
Bank of Canada Rate Update: Here's what you need to know 📣
The Bank of Canada is holding the overnight rate steady at 2.25%, keeping the prime rate at 4.45%. That's the seventh hold in a row since the last rate cut in October 2025.
Why no change? High gas prices have kept inflation near 3%. above the Bank's 2% target, but the rest of the economy is looking stronger, with growth up and unemployment down slightly. New tariffs between Canada and the U.S. add another layer of uncertainty, so the Bank is choosing to wait and watch.
What this means for you: variable rates are staying put for now, which makes it a good time to plan ahead, whether you're buying, refinancing, or coming up for renewal. We're here to walk you through it, no question is too big or too small!
The next Bank of Canada announcement is October 28th, we'll keep you posted!
📞 Want to know how this affects your mortgage or your plans? Call us at 519.654.6486 for a free consultation!
