Bank of Canada Holds Rates Steady: What This Means for BC Homebuyers
The Bank of Canada’s July 30 announcement kept its key interest rate steady at 2.75% , signaling a cautious approach as inflation continues to trend downward but hasn’t fully met target levels. For homebuyers and homeowners in British Columbia , this pause presents both challenges and opportunities—especially in markets like Abbotsford and Surrey , where affordability remains a key concern. Why This Decision Matters For those shopping for a home or planning a refinance, this decision provides some much-needed stability. Fixed mortgage rates , driven by bond yields, have seen modest declines over the past month, while variable rates remain unchanged. This means buyers can lock in competitive fixed-rate mortgages now, with potential for even better deals if the Bank signals another cut later this year. For first-time buyers, the combination of steady rates and programs like the GST exemption on new builds can create an excellent opportunity to enter the market. If you’re e...