So, the Bank of Canada has officially hit the pause button on rate changes… again.
If you’re in a variable-rate mortgage or thinking about renewing soon, you’re probably wondering:
“What now?”
Let’s break it down—street speak not geek speak!
What Just Happened?
On April 16th, the Bank of Canada chose to hold the overnight rate steady. After a string of rate hikes, they’ve decided to keep things where they are—for now.
But here’s the catch:
In the past, when the BoC paused like this, they:
- Kept going in the same direction (either up or down) 50% of the time, or
- Completely reversed course the other 50%.
So… basically, it’s a coin toss. Heads: more cuts. Tails: they hold or even hike again. Not exactly the kind of certainty homeowners dream of, right?
What the Experts Are Saying
Economists are leaning toward rate cuts later this year—some predict as much as 0.50% to 1.00% in total. But there’s also chatter about inflation and tariffs keeping rates sticky for a while longer.
Translation? It’s still a waiting game.
What You Can Do (Even If Nothing Is Changing… Yet)
If you’re:
- In a variable-rate mortgage: Hang tight, but have a game plan. A drop could come this summer, but don’t bet the house on it. (pardon the pun)
- Renewing soon: Now is a great time to review your options. Bond yields dipped slightly, and some lenders may quietly drop fixed rates ahead of the crowd.
- Thinking of breaking your mortgage: Heads-up—prepayment penalties might rise, especially for BMO or Scotiabank clients with 1–2 years left on their term. A review could save you serious money.
The Calm in the Chaos
Let’s be real—rate chatter can be exhausting. But you don’t need to navigate this alone. I keep a close eye on the markets so you don’t have to, and I’m here to help you make smart, forward-thinking decisions no matter what the central bank does.
Whether you’re buying, renewing, or just looking for clarity, now is the right time to explore your options.
Have questions or want to run some numbers?
Let’s talk. A quick conversation could give you peace of mind—and maybe even save you a few thousand.
Click here to book a time with me at your convenience.