09/02/2026
📢 Interest Rate Update
The Bank of Canada has announced that it is holding its overnight rate at 2.25%, with the Bank Rate at 2.50% and the deposit rate at 2.20%.
The decision comes as Canada’s economy shows signs of a broadening recovery, with GDP growth strengthening in the second quarter and labour market conditions improving. At the same time, inflation remains around 3%, largely due to higher gasoline prices, while ongoing geopolitical and trade uncertainty continues to create risks for the economy.
For homeowners, buyers, and anyone planning a mortgage, today’s announcement means borrowing costs tied to the Bank of Canada’s policy rate remain unchanged for now.
Wondering what today’s rate decision could mean for your mortgage? Reach out to the Northwood Mortgage team to discuss your options.