07/17/2026
The Bank of Canada held its policy rate steady for the sixth consecutive time today, with most lenders’ prime rates remaining around 4.45%.
But the more interesting part of today’s announcement was not the decision. It was the Bank’s tone that signalled its future direction.
The Bank said that the “economy is showing signs of improvement.” It sees enough economic improvement to avoid cutting rates, but enough uncertainty to avoid a rate increase. Future decisions will depend on whether higher energy costs spread into other prices and whether Canada’s economic recovery continues.
Here is what that could mean for your mortgage plans.
If you are shopping for a fixed rate:
If you are actively shopping for a home or approaching renewal, it is worth securing the best rate available while keeping the flexibility to pursue a lower rate if one becomes available before closing.
If your mortgage is renewing
Please do not assume your lender’s first offer is your only option.
Today’s rate environment makes the choice between fixed and variable, as well as the length of your next term, especially important. The lowest advertised rate is not automatically the best choice once penalties, flexibility, and your future plans are considered.
If your monthly payments feel tight
Canada’s economy may be improving, but many households are still dealing with the effects of several years of higher living and borrowing costs.
If credit cards, loans, or lines of credit are becoming difficult to manage, it is worth reviewing your options before the pressure builds. There may be opportunities to reduce interest costs, consolidate payments, or create more room in your monthly budget.
The Bank may be standing still, but your mortgage strategy does not have to. Let’s review your numbers and make sure your mortgage still fits where you are headed.
📅 The next Bank of Canada announcement is September 2, 2026.
