Holding again, with June in view
Markets had settled on June for the first cut. A rate hold locks a ceiling while you shop and costs nothing if rates fall — you take the lower one.
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%. The Bank expects the global economy to continue growing at a rate of about 3%, with inflation in most advanced economies easing gradually.”
The rate path around this decision
For context, unemployment was running at about 6.2% and inflation at 2.7% 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.