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| Today's Prime Lending Rate | 4.45% | Next Bank of Canada Meeting - April 29, 2026 |
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Variable Rates: * |
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| Home Equity Line of Credit | P + .50% (4.95)% today) | .25% Increase |
| 3 Year Closed - 25 year amortization Purchases Only | P - .80% (3.65)% today) | No Change |
| 5 Year Closed - 25 year amortization Purchases Only | P - .85% (3.60)% today) | .05% Decrease |
| 5 Year Closed - 30 year amortization Refinances | P - .40% (4.05)% today) | No Change |
Residential Owner Occupied Fixed Mortgage Rates From: ** |
| 1 Year Closed | 4.39% | .20% Decrease |
| 2 Year Closed | 4.39% | .10% Decrease |
| 3 Year Closed | 4.24% | .10% Decrease |
| 4 Year Closed | 4.34% | .20% Decrease |
| 5 Year Closed - Refinances and conventional purchases *ask about our cash back! | 4.39% | No Change |
| 5 Year Closed - CMHC/Sagan insured purchases and transfers | 4.19% | .20% Increase |
| 7 Year Closed - CMHC insured for purchases and transfers | 5.09% | .15% Increase |
| 10 Year Closed - CMHC insured for purchases and transfers | 5.44% | .34% Increase |
| Federal Government / Bank of Canada Qualifying Rate or contract rate plus 2% (the higher) |
On March 18, 2026, the Bank of Canada did exactly what most expected—they held interest rates steady. The overnight rate remains at 2.25%.
In other words, nothing moved.
At first glance, that sounds like stability. In reality, it’s more of a pause while the Bank figures out what to do next. Inflation is hovering near target, but not convincingly. Core inflation is still a bit sticky, economic growth feels soft, and productivity hasn’t exactly been inspiring. At the same time, government spending continues to run hot, which makes the Bank’s job that much harder.
So for now, they wait.
For borrowers, this means variable rates stay where they are. Fixed rates are still being driven more by the bond market than anything the Bank says, so while this pause helps calm things down, it doesn’t guarantee cheaper rates.
My take? We’re in a holding pattern. Rate cuts may come later this year, but they are far from guaranteed. There are still too many moving parts, and not all of them are pointing in the same direction.
The bigger question right now isn’t where rates are going next month—it’s whether your mortgage still makes sense if things stay like this for a while.
If you’d like to take a fresh look at your options or make sure you’re set up properly, I’m always happy to help.
If you’d like to review your mortgage and make sure you’re positioned properly — whether rates move, stall, or Ottawa discovers another spending program — I’m happy to help.
With the Bank signaling patience (and perhaps fatigue), this is a good time to review whether your mortgage structure still makes sense. Further rate cuts are not guaranteed, especially if government policy keeps working at cross-purposes with inflation control.
As always, the right strategy depends on your goals, timeline, and tolerance for uncertainty — something Canadian households have had plenty of lately.
If you’d like to review your options or talk through what this means for your mortgage, I’m happy to help.
