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April 16 - 2025 - Bank of Canada holds policy rate at 2.75%

The Bank of Canada has just announced that it will hold its key interest rate steady at 2.75%, after seven consecutive cuts since last June. This decision follows a period of aggressive rate reductions—225 basis points in total—making Canada's cuts the largest among G7 nations.

So why pause now?

According to Bank of Canada Governor Tiff Macklem, global uncertainty, especially around U.S. tariffs, has made the future outlook too cloudy to justify another move. While the Canadian economy continues to face headwinds from trade tensions, the Bank is also keeping a close eye on inflation, which could flare up if global instability worsens.

"We still do not know what tariffs will be imposed, whether they'll be reduced or escalated, or how long all of this will last," Macklem said. "At this meeting, we decided to hold our policy rate unchanged as we gain more information."

What does this mean for you?

If you're thinking about renewing your mortgage, refinancing, or planning a new purchase, now is a great time to review your strategy. Rate movements are just one part of the picture—the current economic climate makes professional advice more valuable than ever.

I'm here to help you understand your options and make the best decision based on your goals and the latest market conditions. Let's connect for a quick mortgage review or to discuss any questions you may have.