What does that mean in plain English? For now, borrowing costs aren't changing, which is good news for buyers who have been waiting for more stability.

The Bank is feeling a little more optimistic about the economy, but they're still keeping a close eye on inflation before making any future rate changes. While no one can predict exactly what will happen next, Wednesday's announcement gives buyers and sellers a bit more confidence as they plan their next move.

One thing I did want to note is that in the past two rate decisions, Macklem had warned that “consecutive” rate hikes might be needed if the Middle East conflict continues and higher energy prices feed into broader inflation. He dropped this language in Wednesday’s opening remarks, along with a warning that there may be a need to cut if the U.S. imposes major new trade restrictions.

You're Invited – Lunch & Learn!

I'd love for you to join us on Thursday, July 23 for a fun and informative Lunch & Learn at 10 AM followed by a lunch at 12 PM (ish!).

I'll be sharing:

• Pre-Approval Do's & Don'ts – how to avoid common mistakes and help your clients put their best foot forward.

Mary Mendoza Festejo - Financial Advisor - will also be presenting:

• Practical financial tips that can help your clients prepare for homeownership and strengthen their financial position.

As we head into the weekend, all eyes are on next Wednesday's Bank of Canada rate announcement. The question everyone is asking is: Will they cut, hold, or surprise us?

The current consensus among economists is that the Bank of Canada will hold the overnight rate steady, with many expecting borrowing costs to remain relatively unchanged for the rest of 2026. Of course, as we've learned over the past few years, markets can change quickly, and global events continue to play a significant role in where rates ultimately head.

I'll leave the forecasting to the economists (Brendon, I'm looking at you!), but one thing I am keeping a close eye on is the bond market.

For buyers considering a fixed-rate mortgage, there are still lenders offering insured 3- to 5-year fixed rates with a 3 in front. If your clients qualify, now may be an excellent time to secure those rates before they're gone.

A simple way to think about it:

• War on = Bond yields up = Fixed rates up

• War off = Bond yields down = Fixed rates down

Geopolitical uncertainty has a direct impact on bond yields, and fixed mortgage rates tend to follow. Timing the market is never easy, but if your clients are actively shopping, locking in today's rates could provide valuable peace of mind.

As always, I'll send out an update as soon as the Bank of Canada makes its announcement next Wednesday, along with what it means for your buyers and sellers.

If you have clients with questions this week or anyone who would benefit from getting pre-approved before making an offer don't hesitate to reach out. I'm always happy to help.