Still holding at 2.25%
Another hold. Fort McMurray's months of supply had tightened considerably by this point — the buying conditions had changed far more than the borrowing conditions had.
Locally, Fort McMurray was sitting at 2.87 months of supply around this decision, with an average sale price of $368,560 across all property types. In a market that tight, what you can negotiate on price moves your budget more than a quarter point of rate does.
With rates steady, the deciding factor on most Fort McMurray files goes back to income: how a lender treats your overtime, shift premium, bonus and rotation. That is a lender-selection question, and it is where a broker earns their keep.
What the Bank said
“The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The war in the Middle East has increased volatility in global energy prices and financial markets, and heightened the risks to the global economy.”
The rate path around this decision
For context, unemployment was running at about 6.7% and inflation at 2.4% 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.