The surprise hike — the pause ends
The Bank restarted after two holds, and that surprise is the whole argument for a rate hold on a pre-approval: it protects you from exactly this.
In payment terms, a quarter-point move adds roughly $16 a month to a variable-rate mortgage for every $100,000 borrowed, on a 25-year amortization. On a $300,000 mortgage that is about $48 a month.
The practical move at a peak is to plan the renewal, not to predict the Bank. If your term ends within a year, it is worth pricing the options early — including whether breaking and re-signing beats riding it out.
What the Bank said
“The Bank of Canada today increased its target for the overnight rate to 4.75%, with the Bank Rate at 5% and the deposit rate at 4.75%. Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high.”
The rate path around this decision
For context, unemployment was running at about 5.4% and inflation at 2.8% around this decision.
Where this leaves you
Rate announcements make headlines; approvals turn on your own numbers. If you're buying, renewing or refinancing in Fort McMurray, the useful next step is finding out what you actually qualify for — see current rates, run the math, or start an application. You can also follow the local market in our Fort McMurray housing market reports.