Rates held.. but Canada just slipped into a technical recession

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Bank of Canada Update – No Change!

Here are the highlights:

Interest Rates unchanged:

  • Bank of Canada has left interest rates unchanged.  
  • Prime Rate stays at 4.45%Bond yields relatively unchanged from last month.
  • The Bank is looking through the short term impacts of the war but “will not let higher prices become persistent inflation.”


Economic Indicators:

  • Canada’s economy contracted for 2 consecutive quarters for the 1st time since 2020 (and 2015 prior to that)
  • 2 consecutive quarters of declining GDP is the technical definition of a recession
  • per capita real GDP increased 0.2% in Q1 Business investment in Canada posted fifth consecutive quarterly decline


Job Market:

  • Employment surged in May (+87k jobs)
  • Unemployment dropped from 6.9% to 6.6%​
  • US jobs data very strong
  • Employment strength keeps a Bank of Canada rate hike on the table for this year


Inflation:

  • CPI jumps to 2.8% (up from 2.4% in April)
  • Higher energy prices drove the acceleration
  • ​Inflation forecast: CPI to return to 2% target in early 2027


Forecasts:

Markets are pricing in one rate hike (+0.25%) in 2026 & two (+0.5%) in 2027


Next Bank of Canada Meeting:

Scheduled for July 15th, 2026



The Bank of Canada left rates unchanged again at this morning’s interest rate announcement, as Canada dips into a technical recession with back to back declining quarters of GDP.

Central bankers use interest rates as the levers of the economy.  When growth falters, lowering rates can ignite borrowing & investment to kick start a stagnant economy.  When growth is strong & prices rise above the Bank of Canada’s inflation target, raising rates can prove a headwind to demand & bring price growth back to target.  

In 2022 when Oil went up at the start of the Ukraine war, Canadians were sitting on significant savings to burn & the desire to match price increases, resulting in CPI cresting 8%.  What followed was the most rate increases in over 40 years.

So what happens when growth falters while inflation climbs?  

The consumer isn’t strong enough for higher prices to be passed on to. Demand isn’t there & that’s the exact setup Canada sits in right now.  

The result is stagflation & an unclear rate path that could go in either direction.  

The Bank of Canada does not want to raise rates, but the longer energy prices stay elevated, the tougher it is for companies to keep prices low.​
As it currently stands, the 2 rate hikes being priced in for this year have dropped to one (+0.25%) in 2026 with two (+0.5%) in 2027.  Let’s hope that continues to get kicked down the road.


Employment Surprise

The big surprise this past month was the May jobs data.  After losing 112k jobs over the first four months in 2026, Canada unexpectedly gained over +87k jobs which is the strongest reading in 2 years & suggests the growth recession may not be long lasting.  

So what does this all mean for your mortgage?  
The case for variable has strengthened as the rate hike outlook has been pushed down the road.  It’s not without risk, though, as elevated energy prices could most certainly bring hikes back into the foreground.

Longer term fixed rates haven’t really come down since the March jump, setting up shorter term fixed rates as a nice compromise between security & not being locked in for a particularly long period of time.

The reality is this isn’t just about the rate timing speculation.  There’s what makes financial sense & what makes sense FOR YOU.  My job is to help think through that decision & find a solution that is going to set you up for success while allowing you to sleep at night.

If you’d like a refresh to think your situation through, book in a call with me today.

One More Thing (And It’s More Important Than The Rate Announcement):​
This week I met with a client whose husband recently passed away unexpectedly.  The meeting was a powerful reminder of something we don’t talk about often enough:

What happens to your family (and home) if life takes a sudden turn?  

The best time to buy life insurance is before you need it.  Ask yourself this question: is your family protected if the unexpected happens?
​
If you’re not sure — and most people aren’t — just hit reply to this email or give me a call.

Fifteen minutes could be the most important conversation we ever have about your mortgage.

APRIL: Bank of Canada Holds.. But Here’s What Actually Changed.

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Here are the highlights:

  • Interest Rates unchanged:
    • Bank of Canada has left interest rates unchanged.  Prime Rate stays at 4.45%
    • Bond yields & fixed rates still elevated following last month’s surge.
    • The Bank is looking through the short term impacts of the war but “will not let higher prices become persistent inflation.”
  • Economic Indicators:
    • Growth outlook for Canada little changed after Q4 contraction
    • Anemic 1.2% grow expected for 2026
    • Global growth expected to be 3% this year
  • Job Market:
    • Employment little changed in March (+0.1%) following -0.5% decline in prior 2 months
    • Unemployment remains at 6.7%
    • ​​Labour participation rate down 0.4% year over year
  • Inflation:
    • CPI jumps to 2.4% (up from 1.8% in February)
    • The surge reflects the initial impact of the war in Iran.
    • Inflation will rise in coming months due to energy price shock
  • Forecasts:
    • 1 to 2 rate hikes (0.25% – 0.5%) expected by year-end
  • Next Bank of Canada Meeting:
    • Scheduled for June 10th, 2026

Good morning,

No movement on rates this morning by the Bank of Canada but it’s the second half of 2026 where things could get spicy.

The key issue stemming from the war in Iran will be inflation.  Approximately 20% of global oil consumption passes through the Strait of Hormuz.  Over 1 billion barrels of oil has been impacted thus far but that supply disruption doesn’t fully cast its shadow on inflation immediately.  It works through the system in stages.

Initially, oil prices spike in real time — oil nearly doubled over the span of a month.  


Then, refined products like gasoline, diesel, jet fuel, start to surge, and from there, transportation & production costs begin to rise which gradually feeds into the price of goods & services over the following months.  

Businesses start adjusting pricing cautiously at first, then more broadly as higher input costs persist.  The pressure compounds over time.  The longer the strait is closed, the worse it gets. 

The Bank of Canada has more or less downplayed the inflation risk, which makes sense.  They don’t want to stoke the inflation concerns & make the situation worse, but make no mistake, there is meaningful upside risk to longer-term inflation if this draws out. 

INFLATION EXPECTATIONS:


So how do you think about this with your mortgage?  Right now there are no imminent rate moves being priced in.  We’re 4-5 months from a potential rate hike.  Unless you can get really favourable lock in rate close to 4%, when I model out the expected path of hikes it still makes sense to hold the fort if you’re in a variable.

Staying variable gives flexibility to benefit if inflation fades.  You own the short term risk looking forward to long-term potential savings. 

Locking into fixed buys certainty & would be a defensive move to pay more today to protect from paying a lot more by next year, if the conflict doesn’t de-escalate soon.

If you’re in fixed, and you’re coming up for renewal this year or next, the time to look at your renewal is now.  Get in touch with me if you haven’t already, so I can run the math & go over your range of options & outcomes.  

The Bottom Line: the mortgage decision in front of you right now isn’t just a rate question — it’s a risk tolerance question.  How comfortable are you with the uncertainty over the next 12-18 months & what would it cost you if you’re wrong?

There’s no universally right answer, but there is a right answer for your situation — and that’s exactly what I’m here to help figure out.  

The window to act with options still in front of you is open.  Let’s make sure you use it.


WHY YOUR RENEWAL CLOCK STARTS EARLIER THAN YOU THINK

​

I try to get clients to think about renewals early.  When a renewal is 8-12 months away, everyone moves slowly.  It’s not a priority & most think, “future me will sort it out when I need to.”

But the unexpected happens all the time.  Last month fixed rates surged up nearly 0.75% on some terms in the span of 2 weeks.

There are A LOT of borrowers with mortgages coming due in the next 6 months kicking themselves for not being proactive & already having rate holds in place.  

These kinds of moves cost clients thousands & thousands of dollars.  

If you have any friends or family with mortgage renewals this year or next, get in touch with me today.

Bank of Canada Dec 2025 – NO CHANGE

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Here are the highlights:

  • Interest Rates down:
    • Bank of Canada has left interest rates unchanged.  Prime Rate stays at 4.45%
    • The total number rate cuts this cycle remains at 2.75%.
    • The Bank feels rates are at an appropriate level
  • Economic Indicators:
    • GDP  in Q3 came in 2.6% annualized (far above the 0.5% expected)
    • The jump is more related to how GDP is calculated than actual real growth
    • Household spending saw largest quarterly decline outside the pandemic in 2 decades
    • ​Business activity remains weak
  • Job Market:
    • Better than expected Nov job print, adding 53k jobs
    • This was the 3rd (unexpected) month of gains
    • Unemployment dropped to 6.9%
  • Inflation:
    • CPI dropped 0.2% to 2.2%
    • ​Inflation ​pressures remain ​contained
  • Forecasts:
    • ​Fixed rates: edging higher in 2026
    • Prime rate (variable): could see another drop if trade war persists
  • Next Bank of Canada Meeting:
    • Scheduled for Jan 28th, 2026

Good morning, 


No action from the Bank of Canada today as the economic data somewhat picked up to close out the year.  Unemployment dropped 0.2% to 6.9% & Q3 GDP came in at 2.6% annualized which surprised above the 0.5% expected.

Q2 saw the economy contract on an annualized basis by 1.8% so the latest quarter’s jump to 2.6% seems to be a big positive move but the higher number had everything to do with how GDP is calculated.  


Exports edged up while imports dropped sharply by 8.6%, which creates the impression of growth, more so than actual real strength.  Household spending saw the largest quarterly decline outside the pandemic in nearly 20 years. 

This could set quite a challenge for the Q4 number to come in strong.

​​

In terms of what to expect next year, there is still a lot of uncertainty & trade related volatility.  If layoffs continue & the trade war continues to throw more knuckleballs we could see the Bank of Canada take further action lowering rates but for now, the BofC sees the policy rate at about the right level to keep inflation close to the 2% target.

If you or any family members have a mortgage coming up for renewal in 2026, reach out to me today to line up a time to connect, get a game plan going & ensure you don’t miss out on any opportunities over the coming year.

That’s it for me!  Thanks & have a great Christmas season.

Bank of Canada Oct 2025 – 0.25% CUT

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Here are the highlights:

  • Interest Rates down:
    • Bank of Canada lowered interest rates 0.25%.  New Prime Rate of 4.45%
    • This is the second consecutive cut 
    • The total number rate cuts this cycle remains at 2.75%.
    • The Bank feels rates are at an appropriate level
  • Economic Indicators:
    • GDP declined in Q2 1.6%
    • Forecasts for growth are 1.2% in 2025, 1.1% in 2026 & 1.6% in 2027
    • ​Real GDP per capita is lower now than in 2019(!).
  • Job Market:
    • Surprising job gains in Sept after falling sharply through the summer
    • Unemployment remains at 7.1%
  • Inflation:
    • CPI rises 0.5% to 2.4%
    • Median & trim inflation hotter than expected with an avg of 3.15%
    • ​Inflation ​pressures remain elevated
  • Forecasts:
    • ​Likely the last cut of 2025
  • Next Bank of Canada Meeting:
    • Scheduled for Dec 10th, 2025


The Bank of Canada cut rates today 0.25%, lowering prime to 4.45%.

That’s the good news.  The bad is, after Canada’s economy shrunk by 1.6% in the 2nd quarter, the Bank expects further weakening in the 2nd half of this year.  The Bank’s forecast for growth is an anemic 1.2% this year, 1.1% next & 1.6% in 2027.  Canada has had NO economic growth in 6 years.  Think about that. 


That comes as the parliamentary budget officer recently warned our government spending & debt is “unsustainable … alarming .. stupifying & shocking.” 

​This is a politically independent officer selected on the advice of our Prime Minister:


Imagine your family expenses growing each year so to cover those expenses you borrow from your line of credit telling yourself, “Once I get that raise, I’ll pay this down,” but that raise doesn’t come, so more & more of your pay cheque goes towards interest.  You get further trapped in that cycle & it gets harder & harder to claw your way out without drastic changes.

The Bank of Canada feels the current rate level is now at about the right level & the next & final rate announcement of the year is Dec 10th.  Until then, thanks for watching & have a great week.

Bank of Canada Rate Cut Sept – 0.25%

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Here are the highlights:Interest Rates down:Bank of Canada lowered interest rates 0.25%.  New Prime Rate of 4.7%This is the first cut since March.The total number rate cuts this cycle remains at 2.50%.

Economic Indicators:GDP declined in Q2 1.6%Global economy showing signs of slowingHousing finally picking up in Canada

Job Market:Employment weaker than expected, falling 0.3% in August after 0.2% drop in JulyUnemployment up to 7.1%

Inflation:CPI rises modestly to 1.9%Median & trim inflation at top end of 3% target​Inflation contained for time being

Forecasts:​Big Bank rate forecasts range from another 0.25% – 0.5% in cuts into next year (this relates to variable rates.. fixed rates expected to be slightly higher in 2026)

Next Bank of Canada Meeting:Scheduled for Oct 29th, 2025
The Bank of Canada cut rates this morning 0.25%.  

Q2 hasn’t been pretty in Canada – GDP declined by 1.6%, exports are down 27%, business investment continues to decline & unemployment is up to 7.1%. 
Inflation is somewhat contained for the time being.  Add in the expectation of the US Fed cutting rates later today & a cut was a sure thing coming into today.  

Do you remember spring last year when Carolyn Rogers of the Bank of Canada flagged a national crisis in productivity?  Our GDP per capita has been contracting for 3 straight years & we continue to be desperate for business investment.



Well, fast forward a year & a half since that warning & Canada is now experiencing the fastest capital flight since the financial crisis. 
​



Investment is leaving the country.  


This makes productivity worse.  This weakens the loonie.  This can pressure rates upwards to defend that & create a feedback loop where higher rates continue to stifle growth & further reduce investor confidence.  It’s continued stagflation & we’re not doing anything about it.

Longer term, inflation is going to continue to be THE issue to watch in Canada. 

FEELING THE PINCH?​
If you’re feeling the pinch from the punishing cost of living these days & have taken on credit card or loc debt, GET IN TOUCH with me today.  The higher interest debt has a way of lingering around & strangling your monthly cashflow.  WE CAN HELP fix that & get you some breathing room.

Bank of Canada July 2025 – NO CHANGE

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Here are the highlights:

  • Interest Rate Hold:
    • Bank of Canada held interest rates, maintaining Prime Rate of 4.95%
    • This is the third consecutive meeting they’ve held rates 
    • The total number rate cuts this cycle remains at 2.25%.
  • Economic Indicators:
    • GDP contracting in Q2 
    • under current tariff scenario GDP expected to be an anemic 1% for the rest of 2025
    • Global economy holding up due to temporary surge in activity ahead of tariffs
    • Early indications home sales are turning a corner & picking up in Canada
    • Tariff uncertainty continuing to plague consumption & investment
  • Job Market:
    • Employment unexpectedly grew in June, most job gains this year (but mostly in part time work)
    • Unemployment remained at 7% after 3 consecutive months of increasing
    • ​Wage inflation decelerating
  • Forecasts:
    • All the Big Banks expect 0.5% in rate cuts in 2025 EXCEPT Scotia (who is calling for no cuts this year but 0.25% in 2026)
  • Next Bank of Canada Meeting:
    • Scheduled for Sept 4th, 2025


Rates unchanged this morning by the Bank of Canada.

As unpredictable trade policy still plagues the economy, instead of offering base case projections for GDP & inflation, the Bank of Canada mapped out two ends of the tariff scenario – escalation vs de-escalation (a Mr Miyagi, “tariff on” “tariff off” outline, if you will).

I can sum up their insightful analysis as, more tariffs equal shrinking economy & higher inflation.  Reduction in tariffs equal moderate growth & lower inflation.  Not exactly boiling the ocean here but this does affirm what everyone’s been thinking all along.

In the current tariff scenario, they see an anemic 1% growth in the 2nd half of this year with growth gradually grinding up to a moderate 2% by 2027.  Inflation, in that scenario, is expected to stay around 2% as the upward & downward pressures offset each other.

The Bank did hint that if growth falls & inflation remains contained they will look to reduce rates, so to be determined..

In terms of where rate forecasts are sitting, not much has changed as the big banks still all expect another 0.5% in cuts this year with scotia being the outlier at a 0.25% reduction in 2026.

We shall see.

That’s it for me, thanks for watching & have a great morning.

Bank of Canada Rate Announcement – June 2025 – NO CHANGE

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Here are the highlights:

  • Interest Rate Hold:
    • Bank of Canada held interest rates, maintaining Prime Rate of 4.95%
    • This is the second consecutive meeting they’ve held rates 
    • The total number rate cuts this cycle remains at 2.25%.
  • Economic Indicators:
    • GDP stronger than expected at 2.2%
    • Global economy holding up due to temporary surge in activity ahead of tariffs
    • ​Home sales still at very low levels.
    • Tariff uncertainty continuing to plague consumption & investment
  • Job Market:
    • Employment barely changed in April after a decline in March
    • Unemployment continues to rise, now at 6.9%
    • Manufacturing hit hardest in Canada
  • Forecasts:
    • 5 of the 6 Big Banks forecast further rate cuts in 2025:
      • 0.5% – 0.75%
  • Next Bank of Canada Meeting:
    • July 30th, 2025

The Bank of Canada has left rates unchanged for a second consecutive meeting, leaving prime rate at 4.95%.

While there are more Bank of Canada cuts being expected this year, rising core inflation & better than expected GDP has given enough cause to pause & save those cuts for economic decline coming later this year.

Tariff uncertainty remains high.  The global economy & Canada’s economy has held up over the last few months, however that’s largely due to a temporary surge in activity – rushing in orders & stockpiling inventory – to get ahead of tariffs.

That said, consumption has slowed, business investment & confidence is down & housing is at some of the lowest levels since the depths of the pandemic, and this is expected to be the most robust quarter for growth this year – eesh!

On the inflation front, CPI eased to 1.7% in April as the elimination of the carbon tax reduced inflation by 0.6%.  The Bank’s preferred measure of core inflation, however, has moved up & is above target.  That likely had a large impact on why the Bank hit pause today.

Core inflation excludes certain volatile components & can reflect underlying, longer term trends in the economy.

Consumers are expecting higher prices from the tariffs.  When consumers are expecting higher prices, business are more able to pass on price hikes & inflation can continue to pick up & managing that, ultimately, is the Bank of Canada’s mandate.

So, overall, more Bank of Canada cuts are expected, fixed rates may be at the bottom & if you have a renewal coming up & we have not connected, get in touch today.

Bank of Canada – April 2025 – NO CHANGE

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Here are the highlights:

Interest Rate Hold:Bank of Canada held interest rates, maintaining Prime Rate of 4.95%This is the first meeting they’ve held rates since April 2024The total number rate cuts this cycle is at 2.25%.

Economic Indicators:inflation lower than expected at 2.3% for MarchCAD strengthened vs USD over the last month​Consumer confidence at an all time lowHome sales plummeting as tariff concerns remain

Job Market:March report was weaker than expected with negative job growth (0.2%)Layoffs starting in Auto sector as a result of trade warUnemployment up 0.1% to 6.7%

Forecasts:5 of the 6 Big Banks forecast further rate cuts in 2025:0.5% – 0.75%

Next Bank of Canada Meeting:Scheduled for June 4th, 2025https://bbemaildelivery.com/bbext/?p=vidEmbed&id=36024853-8AB1-4FE3-A120-E2ACB4FFCE3A&ar=0&ignore_view=1&videoPlayerId=5d66952e-e212-976d-2301-585a57e910c5

The Bank of Canada held rates this morning.  This is the first time they have not lowered rates since April of last year.
Much of the release this morning highlighted the uncertainty of the trade war, as Trump continues his Mr Miyagi routine of tariff on, tariff off.  Whether you’re a business or individual, it’s tough to stomach deploying capital in an uncertain environment & we’re seeing that follow through in the housing market.  It’s a great time to be a buyer, not so great if you need to sell.  Business confidence, employment, consumer & business spending are all on the decline, & that’s reflected globally with falling oil prices.


The Bank of Canada outlined 2 scenarios with the trade war:High uncertainty but tariffs limited in scope: Growth weakens temporarily & inflation remains on 2% targetProtracted trade war: causes Canada to enter recession & inflation rises temporarily above 3% in 2026Both pills spell trouble for the economy & is likely to result in further cuts throughout the year.

I think what a lot of people don’t understand is that Bank of Canada rate cuts don’t have a direct correlation to fixed rates.  Over the past year they’ve cut rates 2.25% but over that time the 5 year fixed has only come down 1% – 1.5%.  Rate cut don’t mean ALL rates come down. 

The current expectation is that fixed rates might get a bit better this year, rising into next & the range of big bank expectations for Bank of Canada cuts in 2025 (ie: variable rates) range from no further action (<–Scotia is the outlier) to 0.5%-0.75% (everyone else). 
Tiff Macklem, like everyone else, can only wait to see what unfolds but what matters most right now, to you & your mortgage, is having the long-term protection & oversight that we’ve built into our business.

If you have a renewal coming up in the next year, get in touch with us today so we can make sure you don’t miss out on any opportunities.

Bank of Canada Cuts Rates 0.25% – March 2025

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Here are the highlights:

  • Interest Rate Cut:
    • Bank of Canada cut interest rates by 0.25%, lowering Prime Rate from 5.2% to 4.95%, the seventh consecutive cut.
    • This brings the total rate cuts to -2.25% since June.
  • Economic Indicators:
    • inflation up in Jan from 1.8% to 1.9%
    • inflation expected to uptick to 2.5% in March as reverse effects of GST break take effect
    • ​Trade conflict could lead to weaker GDP & higher prices
  • Job Market:
    • Feb report was weak with no job growth
    • Unemployment holds at 6.6%
  • Forecasts:
    • 5 of the 6 Big Banks forecast further rate cuts in 2025 (tariffs aside):
      • 0.25% – 0.75%
  • Next Bank of Canada Meeting:
    • Scheduled for April 16th, 2025


The Bank of Canada has cut interest rates for the 7th consecutive meeting, bringing down Prime from 5.2% to 4.95% & lowering all variable rate mortgages & lines of credit.  This brings the total number of cuts to 2.25% since they started in June.  Will we get more?

If you ask the big bank economists, the majority say yes, and if the trade war hangs around, we could more than expected.

And so why is that?  Don’t tariffs raise prices & inflation?  Isn’t that what the Bank of Canada was fighting so hard to fix?

Tariffs can certainly impact prices as the cost of imported goods & raw materials goes up, competition gets reduced & supply chains get disrupted.  The 2018 tariff war between the US & China impacted US inflation by the tune of 0.5%.

The bigger concern here at home, though, is the potential impact on growth. Canada has been dealing with a productivity crisis.  To fix that you need business investment & if you’re a business, you’re probably looking to take risk off the table right now & NOT make any major investments.  You’re probably concerned about the impact to consumer spending so are looking to cut costs right now & that can mean job losses, weaker GDP.

If the trade war sticks, our per capita recession will likely turn to AT LEAST a mild overall recession.  Recent falling equity prices & bond yields reflects that expectation.  The looming threat alone will result in weaker North American growth.

So yes, tariffs can lead to higher prices but the bigger concern is a recession, which would lead to lower rates.

That’s it for today.  If you or any friends or family have a mortgage coming up for renewal this year please get in touch so we can make sure you aren’t missing out on any opportunities. 

Bank of Canada cuts rates 0.25% – Jan 2025

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Bank of Canada Update – 0.25% RATE CUT
REFINANCE OPPORTUNITY (see note at bottom)

Here are the highlights:

Interest Rate Cut: Bank of Canada cut interest rates by 0.25%, lowering Prime Rate from 5.45% to 5.2%, the sixth consecutive cut.This brings the total rate cuts to 2% since June.

Economic Indicators: inflation down in December from 1.9% to 1.8%GST break helped bring inflation down but will have a reverse effect on future monthsCanadian dollar continues to depreciate vs USD​Trade conflict could lead to weaker GDP & higher prices

Job Market: Dec jobs report the best in years91k job gains (40k from public sector)Unemployment drops slightly from 6.8% to 6.7%

Forecasts: 5 of the 6 Big Banks forecast further rate cuts in 2025:range from another 0.5% – 1%Scotia is the outlier seeing no more rate cuts

Next Bank of Canada Meeting: Scheduled for March 12th, 2025
Good morning,

The Bank of Canada has dropped rates by 0.25% at this morning’s rate announcement, the sixth consecutive cut for a total of 2% since they began in June.
Today’s release began with a big disclaimer — all forecasts are out the window depending on what happens with this pending trade war.  All eyes are on the cheeto in chief & what will happen with these threatened tariffs.  
While the short term impact would be inflationary, long term implications would not be good — potential layoffs, reduced spending & economic slowdown would amplify recession concerns.  Over 70% of Canada’s goods & services are sold to the US so some big potential implications here.

On the inflation front, December CPI dropped again from 1.9% to 1.8%.  The GST exemption helped bring down prices but that can setup for the reverse effect on inflation in the coming months.

Onto jobs, the December employment data was a big print & the strongest in years — over 90,000 net new jobs, increase in the employment rate & decrease in unemployment.

In terms of what’s to come in 2025 for rates, 5 of the 6 big banks in Canada are expecting anywhere from another 0.5% – 1% in cuts for the year with Scotia being the outlier calling for no further cuts.
source

REFINANCE ALERT:
​
There is still a sweet spot right now with how mortgage penalties are calculated where ANYONE WHO OBTAINED A FIXED RATE MORTGAGE BETWEEN FALL LAST YEAR TO SPRING can likely refinance into lower rates & save a significant amount of interest.  If you have any friends or family who got a mortgage during that time frame, get in touch before this window of opportunity gets taken away.
The next Bank of Canada meeting is March 12th, 2025.  

For more updates and insights, follow @zupanmortgages on Instagram for daily content.