Richelle Morgan
Kingston Mortgage Solutions
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How will the latest Bank of Canada rate hold affect you?
June 18, 2026
Last week, the Bank of Canada announced that it was holding the overnight rate at 2.25%. While that may not be the thrilling news some were hoping for, there’s something to be said for stability. After years of rate hikes, cuts, and constant speculation about what comes next, having back-to-back rate holds makes planning a lot easier.
Lately, one of the most common questions I’ve been getting is: “Should I buy now or wait?” My answer is usually the same: it depends on your finances, your plans, and whether buying fits where you are in life right now. Rates matter, but they’re only one piece of the puzzle.
What does this mean for first-time home buyers?
If you’re a first-time buyer, a stable rate environment can make it easier to get a realistic understanding of your budget. There are multiple programs and incentives available for first-time buyers that many people overlook. When combined with a pre-approval, they may mean you can afford a home you thought was outside your reach. Give me a call, and we can explore them together.
How about existing homeowners?
If you’re a homeowner and your renewal is coming up, or if your renewal came up when rates were higher, this could be a great time to explore your options and see if we can improve your household cash flow.
One thing that surprises homeowners is how much equity they’ve built without really paying attention to it. Whether it’s planning renovations, consolidating higher-interest debt, or simply reviewing your current mortgage strategy, the right move can mean lower interest payments, more money staying in your pocket each month, and better overall breathing room from a budgeting perspective.
What if you’re interested in investment properties?
If you’ve been considering an investment property, stable rates make it easier to run the numbers with confidence. There’s less guesswork around financing costs, which can make evaluating potential cash flow in the short-term a little more straightforward.
It’s also worth remembering that every situation is unique, and the best approach depends on a range of personal factors including income stability, existing debts, savings goals, and longer-term plans. Taking the time to review these elements carefully, ideally with professional guidance, often leads to more informed choices and stronger financial positioning over time.
This rate hold doesn’t automatically mean it’s time for everyone to make a move. But it does create an opportunity to step back, review your options, and make decisions based on your goals rather than reacting to market headlines.
If you’ve been wondering what today’s market means for you, whether you’re buying, renewing, refinancing, or investing, I’d be happy to walk through the numbers and answer any questions.
Bank of Canada rate update - June 2026
June 10, 2026
The Bank of Canada announced its latest interest rate decision and, as expected, it has chosen to hold its benchmark interest rate at 2.25%.
The announcement is largely a "stay the course" decision. Inflation has come down significantly from its peak, but ongoing global uncertainty has led the Bank of Canada to take a cautious approach. With the economy and labour market remaining relatively stable, the Bank has chosen to keep rates unchanged while it continues to monitor future economic conditions.
If you currently have a variable-rate mortgage or HELOC nothing changes.
If you're coming up for renewal this year, now is still a great time to start reviewing your options. Many lenders remain competitive, and having a plan in place before your renewal date can help ensure you're getting the best solution for your situation.
If you're planning to buy a home this year, the announcement brings some added certainty. With borrowing costs holding steady, buyers can take the time to explore their options, plan with confidence, and make informed decisions about their next move.
Looking ahead, the Bank of Canada has indicated it remains focused on keeping inflation under control while supporting economic stability. Most economists expect rates to remain relatively stable through the remainder of the year. Future decisions will continue to depend on inflation, employment data, and global economic developments.
As always, every mortgage situation is unique. If you have questions about how the announcement affects your mortgage, renewal plans, refinancing options, or future home purchase goals, feel free to reach out. I'm always happy to help.
Bank of Canada rate update - April 2026
April 29, 2026
The Bank of Canada announced its latest rate decision this morning, and as expected, they’ve held the overnight rate steady at 2.25%.
This means there’s no immediate change to variable mortgage rates or lines of credit. The bigger story is why they’re holding, and what that could mean for you if you’re buying or renewing your mortgage this year.
Right now, the Bank is navigating a lot of global uncertainty. Rising oil prices tied to the conflict in the Middle East are pushing inflation higher in the short term. At the same time housing and employment are showing signs of slowing. Because of that, they’re taking a cautious, wait-and-see approach before making any further moves.
If you’re buying a home this year, today’s decision gives you a bit of stability. Rates haven’t moved, which helps with planning. That said, fixed rates have been creeping up slightly due to bond yields, and market conditions can shift quickly. This is a good time to understand your options and lock in a strategy that works for your timeline.
If you’re coming up for renewal, you’re not alone. Many Canadians are in the same position after locking in lower rates a few years ago. Even with today’s hold, most renewals will still be at higher rates than before. The key right now is planning ahead. Reviewing your options early, looking at ways to manage cash flow, and making sure your mortgage still fits your financial goals.
One important thing I’m reminding clients is to try not to base big decisions on any single rate announcement. The market is being influenced by a mix of global events, inflation trends, and economic shifts. A well-thought-out plan will always outperform trying to time the market.
If you are wondering how this decision impacts you personally, I’m happy to walk through it with you. We can review your situation and make sure you’re set up properly for the months ahead.
Is your mortgage still working for you?
April 28, 2026
I’ve been having a lot of conversations lately that all seem to start the same way: “Is my mortgage still working for me?” And honestly, it’s a really good question especially right now.
If your monthly budget feels a little tighter than it used to, you’re not alone. Many Canadians are noticing that everyday expenses are taking up more of their cash flow. A mortgage check-up can sometimes uncover options to help reduce monthly debt payments, improve flexibility, or create a little more breathing room in your budget.
With the cost of living still higher than it was a few years ago, and with a large number of Canadians coming up for renewal after locking in ultra-low rates during covid, more people are taking a step back to reassess, as their cost of living is most likely going to increase further on their renewal. These costs have increased not due to their own spending but because the changing political and economic environment.
As consumers face these rate increases, I have been getting a lot of questions about why rates seem to move around so much, so I wanted to give you a bit of simple context. Mortgage rates aren’t random, even though it can feel that way. Fixed rates are largely influenced by the Government of Canada bond yields. When those yields rise, fixed mortgage rates usually follow, and when they fall, rates often ease. Those movements are tied to what’s happening in the economy. Metrics that affect those bond rates include metrics such as growth, spending, and inflation. Variable rates are a bit different, as they’re tied to the Bank of Canada’s policy rate, which is adjusted to help manage inflation.
It’s also worth remembering that your mortgage is more than just your rate. Your payment structure, flexibility, amortization, and ability to adjust over time all play a role in how well it supports your life today. The right mortgage isn’t about chasing the lowest rate. It’s about finding the right balance for where you are now and where you’re going.
Knowing how and what your mortgage can do for you can go a long way to helping handle the increased cost of living. A quick review doesn’t mean making a big change. In many cases, it’s simply about getting clarity. It will help you understand how your current mortgage compares to today’s options. If your renewal is coming up, it ensures you’re aware of how this changing environment affects you so you’re not pressured or stressed later. It may even help you identify ways to improve cash flow or flexibility, and help you tackle the increased cost of living expenses you may be facing.
Remember, if you’re looking to purchase or make a move, a pre-approval can insulate you against fluctuations and help you plan out your expenses before starting the search, and lets you shop with confidence.
We also have another Bank of Canada rate announcement coming up on April 29th. I’ll be watching it closely and keeping you informed on what it means and whether it could impact mortgage rates or strategy. These updates can create opportunities, and it’s always helpful to understand what’s changing and why.
If you’ve been wondering whether your mortgage still fits your life today, I’m always happy to take a look with you. Feel free to reach out anytime.
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