The Bank of Canada announced today that it is maintaining its target for the overnight rate at 2.25 per cent, with the Bank Rate remaining at 2.50 per cent and the deposit rate at 2.20 per cent. In a statement accompanying the decision, Governor Tiff Macklem indicated that the current policy stance continues to support economic growth amid balanced risks, as inflation hovers near the 2 per cent target while global uncertainties—including potential trade disruptions and geopolitical tensions—warrant a cautious approach. Economists had widely anticipated the hold, with many forecasting rates to stay steady through the remainder of 2026, allowing the central bank time to monitor incoming data on GDP expansion, labour markets, and price pressures before considering any future adjustments. This marks another period of stability for Canadian borrowers and savers following earlier rate reductions in 2025.

John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)

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