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Below, we outline the top five takeaways from the bank’s July 17 statement.

 

Global growth prospects have weakened


In its April outlook, the Bank of Canada said that it was seeing signs of improvement in the global economy. That is no longer the case.

“Global growth prospects have weakened since the Bank’s April Monetary Policy Report,” the bank said.

It said that developments in Europe point to a renewed contraction, while emerging market countries such as China have...

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No Key Rate Change, Again!


The Bank of Canada announced earlier today that it is keeping its key policy rate steady, which means no changes for variable rate mortgage holders; the prime rate for most lenders should stay at 3%.

 

The Bank's statement noted that "global financial conditions have deteriorated since April, with periods of considerable volatility" and that "global headwinds are restraining Canadian economic activity."

 

They continue to mention that future rate hikes may be necessary...

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Home equity lines of credit (HELOCs) have gotten some attention with the recent changes in mortgage rules.  A HELOC is essentially a mortgage loan that allows the borrower to take multiple advances of the loan proceeds at his or her convenience.  The interest rate fluctuates with the Prime Lending Rate and the interest is accrued on an average daily balance.  Payments are interest only and your home is the lender’s collateral if you do not pay.  Historically, you can set...

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Talk about mixed messages. There's concern that the new mortgage rules might push first-time homebuyers out of the market. But mortgages are still a pretty amazing bargain – historically speaking. In fact, some are calling it the great Canadian mortgage sale. So what's a first-time homebuyer to do? Is buying a home right now a reckless risk... or a great, time-limited opportunity?

 

Home ownership can make great financial sense. Over the long term, residential real estate has been a very...

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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.

 

The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.

 

The next rate-setting day is October 22nd.

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