09/02/2026
The Bank of Canada has held its overnight rate at 2.25%, keeping borrowing costs unchanged as the economy continues to recover.
For the housing market, there are a few key takeaways:
🏠 Canadian GDP grew 3.3% in Q2, following a weak first quarter.
📈 Housing activity rebounded after several softer quarters.
👷 The unemployment rate edged down to 6.4% in July, although the labour market remains soft.
📊 Inflation remains around 3%, largely driven by higher gasoline prices, while inflation excluding gasoline remains closer to 2.2%.
The Bank continues to see a broadening economic recovery, but uncertainty remains high, particularly around tariffs and global energy prices.
For buyers and sellers, the key message is simple: rates are staying put for now, while the Bank continues to watch how sustainable the economic recovery will be.
We’ll be watching what this means for buyer confidence, borrowing costs and housing activity heading into the fall market.