Richelle Morgan
Kingston Mortgage Solutions
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Blog
Bank of Canada rate announcement - September 2025
September 17, 2025
This morning, the Bank of Canada announced a 0.25% rate cut, bringing its key overnight rate down to 2.5%. This marks the first rate cut since March and comes in response to a slowing Canadian economy and easing inflation pressures.
Canada’s overall economic activity slowed down in the second quarter. The economy shrank by about 1.5%, with exports falling sharply and business investment weakening. Job losses have been concentrated in sectors impacted by U.S. tariffs, and the unemployment rate has climbed to 7.1%. These signs point to reduced momentum across the economy.
At the same time, inflation has been holding steady at 1.9%, and some price pressures are expected to ease further with the removal of many Canadian tariffs on U.S. goods. The Bank noted that the upward momentum in inflation seen earlier this year has started to fade.
With the economy cooling and inflation stabilizing, the Bank made this move to support growth while continuing to monitor risks carefully.
If you have a variable-rate mortgage, home equity line of credit, or a renewal coming up, it’s a good time to review your plan and consider what today’s announcement could mean for you.
Let’s connect to talk about your goals and make sure your mortgage still fits your needs.
The next Bank of Canada announcement is scheduled for October 29, 2025.
Bank of Canada rate update - July 2025
July 30, 2025
This morning, the Bank of Canada announced it will hold its overnight rate at 2.75% for the third consecutive time.
Inflation remains a key concern, with core inflation still above the Bank’s 2% target. High shelter costs continue to be the main driver of overall inflation, while trade disruptions and new tariffs are adding pressure as businesses adjust supply chains and pass along rising costs to consumers.
At the same time, early signs of an economic slowdown are emerging. After strong growth in the first quarter, Canada’s economy likely contracted in Q2, with weakened exports and lower household spending. The job market is also softening, especially in sectors affected by U.S. trade actions.
Governor Tiff Macklem highlighted the challenge of balancing these competing forces: slowing economic growth on one side and persistent inflationary pressures on the other. While rates remain unchanged for now, the Bank has signaled that future cuts are possible if inflation continues to ease and global uncertainties stabilize.
With so much in flux, now is a smart time to revisit your mortgage strategy. Whether you're considering refinancing, preparing for renewal, or simply exploring your options, I’m here to help you stay ahead and make informed decisions that align with your goals.
The next Bank of Canada announcement is scheduled for September 17, 2025. I’ll be sure to keep you updated.
Level up with these moms at work business recommendations
January 30, 2025
I'm proud to have been feaured alongside other wonderful Mom-owned, Canadian businesses in a blog by Moms at Work.
"At Moms at Work, everything comes back to our mission to fix work - not women. We know that real change happens through everyday small acts, like choosing where to spend our money and who we support. That’s why we’re proud to highlight incredible service-based businesses from the Moms at Work Collective community. These businesses, run by talented professionals, are here to empower and support you—whether it’s navigating the housing market with a mortgage agent, boosting productivity with an executive function coach, finding balance with a life and menopause coach, prioritizing mental health with a psychology practice, or managing family challenges with a parenting and sleep coach. By choosing to support these businesses, you’re not only investing in yourself but also helping to create a more equitable and supportive world."
Read more about the other businesses I recommend on the Moms at Work website.
Recent mortgage industry changes – December 2024
January 10, 2025
There have been changes to Canada’s mortgage rules that could open up great opportunities for you. Whether you’re a first-time buyer, considering refinancing, or approaching your mortgage renewal, these changes may positively impact your mortgage options.
A summary of recent mortgage industry changes:
As of November 21, 2024:
• No stress test qualifying for mortgage switches (both insured and uninsured)
As of December 15, 2024:
• 30-year amortizations available for first-time homebuyers
• 30-year amortizations available for anyone buying a new build home
• Insured mortgages (less than 20% down) can be up to $1.5 million
Starting January 15, 2025:
• Refinances allowed up to 90% of your value if adding a secondary suite
While more details are to come, these rule changes are set to provide greater flexibility and new possibilities for Canadian homeowners. I’d love to help you understand how these updates could potentially benefit your situation.
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