The first decision of 2024 — still on hold
The conversation had fully turned from how high to when the cuts start. For buyers, that made the pre-approval window strategically useful rather than just administrative.
Waiting for a lower rate before buying bets on two things at once, and only one of them is the rate. A rate hold gives you a ceiling for 90 to 120 days and costs nothing if rates fall — you simply take the lower one.
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%. Global economic growth continues to slow, with inflation easing gradually across most economies.”
The rate path around this decision
For context, unemployment was running at about 5.7% and inflation at 2.9% 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.