09/03/2026
Yesterday, the Bank of Canada held its overnight rate at 2.25%.
No cut. No increase.
But there’s a little more going on behind that headline;
Canada’s economy has shown some strength, while inflation remains a concern — particularly with higher energy costs and continued uncertainty surrounding U.S. tariffs and global events.
So if you were waiting for a clear signal that rates are heading down quickly… we don’t have one yet.
What does this mean for your mortgage?
🏡 Variable-rate mortgage or HELOC?
No change as a result of yesterday’s Bank of Canada decision.
🔑 Shopping for a home?
Don’t assume waiting for a Bank of Canada cut automatically means a better mortgage rate. Fixed rates follow the bond market, not the Bank of Canada directly.
📆 Renewing in the next 6–12 months?
Start planning early. There’s a lot more to a renewal strategy than accepting the rate in the letter your bank sends you.
💰 Carrying higher-interest debt?
This is also a good time to look at your overall financial picture and determine whether restructuring makes sense — not just chase the lowest mortgage rate.
My takeaway?
We’re still in a market where strategy matters.
I wouldn’t make a mortgage decision based on trying to perfectly predict the next Bank of Canada move. I’d make it based on your numbers, your timeline and what gives you the right combination of payment, flexibility and risk.
📌 NEXT BANK OF CANADA ANNOUNCEMENT: OCTOBER 28, 2026
That announcement will also include a new Monetary Policy Report, giving us an updated look at the Bank’s outlook for inflation and the Canadian economy.
Between now and then, I’ll be watching the data — and, of course, the bond market for what it could mean for fixed mortgage rates.
Not sure what yesterday’s announcement means for you?
Send me a message. I’m happy to run the numbers.
Mortgage Minute with Moran 🏡
Samantha Moran
The Mortgage Advisors LIC 11947
Mortgage Agent Level 2 | M20000024
☎️| (613) 862-6258
📧| [email protected]
🛜|https://www.mortgageweb.ca/SamanthaMoran
