Rates hold again at 2.25%
The Bank held once more. Steady rates, tight local supply: the two facts a Fort McMurray buyer is actually planning around right now.
Locally, Fort McMurray was sitting at 2.38 months of supply around this decision, with an average sale price of $356,489 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%. Canada’s economy is showing signs of improvement.”
The rate path around this decision
For context, unemployment was running at about 6.4% and inflation at 3% 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.