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What the Bank of Canada’s Rate Hold Means for Vancouver Homeowners & Buyers

  • Keith&Jacqueline
  • Apr 16
  • 2 min read

The Bank of Canada has officially held its overnight rate at 2.75%, marking the first pause in its rate-cutting cycle since June 2024.


For mortgage holders, buyers, and those approaching renewal, this pause offers both stability—and an opportunity to take a closer look at your current mortgage strategy.





Why the BoC Hit Pause This Month


According to the BoC’s April announcement, several key economic indicators influenced the decision:


  • Inflationary pressures are rising, with March’s inflation landing at 2.30%.

  • Employment declined, and wage growth continues to moderate.

  • Global uncertainty—especially around tariffs and trade—has weakened both consumer and business confidence.

  • U.S. leadership has backed off major reciprocal tariffs, reducing the urgency for additional economic stimulus.


While holding the rate at 2.75% may sound like business as usual, it could signal a pivotal moment in the mortgage landscape.


What Does This Mean for Your Mortgage?


If you have a variable-rate mortgageGood news—Prime remains at 4.95%, meaning no immediate change to your payments.


If you have a fixed-rate mortgageBond market volatility continues to influence fixed rates. While we haven’t seen dramatic increases, uncertainty could push rates up. Now’s a good time to talk strategy, especially if you’re approaching a renewal.


If your current rate is 5.20% or higherThere may be an opportunity to save thousands by breaking your mortgage term early. Yes, you read that right. With today’s lower rates and smarter strategies, we can help you weigh the cost of breaking your term against your long-term savings.


Planning Ahead: What You Can Do Right Now


The next rate announcement is scheduled for June 4, 2025. Between now and then, here’s how we can help you prepare:


  • Conduct a mortgage check-up: Is your current rate still competitive?

  • Explore early renewal or refinance options.

  • Review your risk exposure between fixed vs. variable rates.


We bring not only decades of experience but a personalized, family-first approach to your financial goals.


Whether you're a first-time buyer, a long-time homeowner, or an investor seeking clarity, we're here to guide you through every decision.


📩 Let’s chat before the next announcement. Contact us to explore your best options today.




 
 
 
Image by Patrick Boucher
Keith Baker Mortgage Broker TotalMortgage.ca

Keith Baker

604 723 5363 

kpbaker@shaw.ca 

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Jacqueline Zerbe Mortgage Broker TotalMortgage.ca

Jacqueline Zerbe

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We serve clients located all over British Columbia, including Vancouver, North Vancouver, West Vancouver, Squamish, Whistler, Burnaby, Coquitlam, Port Moody, New Westminster, Surrey, Richmond, Delta, Maple Ridge, Pitt Meadows, Aldergrove, Abbotsford, Chilliwack, Victoria, Parksville, Qualicum, Courtenay-Comox, the interior including Kamloops, Kelowna and Penticton.

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