The Bank of Canada held steady this June, no changes were made to the key lending rate. For homeowners with a variable or adjustable-rate mortgage, that means your payments remain the same for now.

Watch my video or read on for more details!

Why Was There No Change to the Rate?

The Bank of Canada is in a tough spot. On one side, inflation continues to linger. On the other, there are signs the Canadian economy is slowing, possibly heading into recession. The Bank’s goal is to bring inflation back to its 2% target, but rate cuts too early could fuel price growth, while holding too long risks slowing the economy further.

What The Steady Rate Means for Homeowners and Buyers

If you have a variable mortgage, nothing changes yet. But now is a good time to review your situation. With the Bank of Canada rate expected to shift later this year, it’s worth asking whether you’re in the best mortgage product for your goals.

Read the Bank of Canada’s full statement here!

If you’re looking to get pre-approved for a mortgage to buy a property in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.