Holding into year end
The last decision of 2023. Bond yields had started to slide, which meant fixed rates could ease before the Bank moved at all — a distinction worth understanding before locking anything in.
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 held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The global economy continues to slow and inflation has eased further.”
The rate path around this decision
For context, unemployment was running at about 5.8% and inflation at 3.4% 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.