17 Apr Bank of Canada Holds Interest Rate at 2.75% — What It Means for You
Posted at 23:35h
in Articles
After seven consecutive rate cuts, the Bank of Canada announced yesterday that it is holding its key policy rate steady at 2.75%. This marks the first pause in the rate-cutting cycle since last summer and suggests the Bank may be entering a “wait-and-see” phase as it assesses the state of the economy.
How this could affect you:
- If you have a variable-rate mortgage
Your interest rate and monthly payments will remain unchanged for now. Since variable rates are tied to the prime rate, no movement from the Bank means your current rate stays the same — at least until the next announcement.