Castle Mortgage Group - Kevin Stefanson

28/10/2026

The Bank of Canada has increased its benchmark interest rate for the first time in three years with the goal of preventing high oil prices from becoming a sustained inflation problem.
 
The central bank’s governing council voted on Wednesday to raise the policy rate by a quarter-percentage-point to 2.5 per cent.

Prime lending rate for variable mortgages and loans is now 4.70%.

13/04/2026

18/03/2026

21/01/2026

The Bank of Canada (BoC) announces its “key” interest rate (the overnight rate) and any decisions related to its monetary policy on eight fixed dates per year.

The Bank of Canada’s current target for the overnight rate (the policy interest rate) remains unchanged at 2.25%. This target rate has been in place since October 29, 2025, when the Bank cut the rate by 25 basis points from 2.50% to 2.25%.


The Bank of Canada’s next interest rate announcement is due on Wednesday, January 28th. This announcement will coincide with the release of the Monetary Policy Report (MPR), which provides the Bank’s outlook on inflation and economic growth.

Overall inflation accelerated 2.4 per cent in December 2025 from 2.2 per cent, but the Bank of Canada’s preferred core measures decelerated, leaving economists split on whether the central bank should hold or cut rates as market bets evaporate that the next move will be a hike.

Contact me to discuss your personal mortgage plans.

29/10/2025

The Bank of Canada cuts key interest rate by 0.25%...
Here’s what it means for you
Today’s quarter-point rate cut brings the Bank’s key interest rate down to 2.25%, continuing efforts to ease financial pressure as inflation cools. For homeowners and buyers, this change may open the door to lower borrowing costs, potential savings, or new opportunities in the market.
Every situation is different, and even a small rate change can make a meaningful impact on your mortgage or financial goals.
Contact me to review your options and see how this rate change could benefit you.

12/03/2025

The Bank of Canada has lowered its benchmark rate by 25 bps, bringing it to 2.75%. This is the Bank’s seventh consecutive rate cut.

“The Bank of Canada faced an especially tough decision with tariff threats hanging over the economy and recent data showing that inflation has risen. The decision to cut the overnight policy interest rate to 2.75% was a step in the right direction in light of the economic challenges Canada is facing. The Bank of Canada is rightly focused on dedicating its resources to pressing and important issues such as paying attention to the housing market as it sets its policy.”

29/01/2025

RATE DROP: The Bank of Canada cuts overnight rate to 3.00% from 3.25% . The first announcement of 2025 and the sixth consecutive rate cut. The prime rate likely decreases to 5.2% across lenders.

11/12/2024

The Bank of Canada has lowered its benchmark interest rate by 50 bps to 3.25%.

This is the Bank’s fifth consecutive rate cut this year.

The next BoC announcement is January 29, 2025.

05/12/2024

Are taking possession of your home in December 2024?
If you qualify as a First Time Home Buyer and you have opened a FHSA (First Home Savings Account), you actually have 30 days from closing to make a qualifying withdrawal.
January 1, 2025 your FHSA contribution room will increase by another $8000. You can execute a tax refund on an additional $8000 if you contribute and withdraw prior to the 30 day post possession deadline.
There is no minimum number of days that contributions or transfers to your FHSAs must stay in your FHSAs before you can use them as a qualifying withdrawal.