If you’re a first-time home buyer in Alberta, you’re likely trying to figure out if now is a good time to buy—and what kind of mortgage makes sense for you. The Bank of Canada just made its latest interest rate announcement, and while the rate stayed unchanged at 2.75%, that doesn’t mean everything is steady.

In fact, quite the opposite.

Let’s break down what’s going on, how it impacts you, and why working with a local mortgage broker right now could make all the difference.

The Bank of Canada Is Holding Rates—for Now

On July 30, 2025, the Bank of Canada decided not to raise or lower its key interest rate. That might sound like a non-event, but it’s actually a signal that the economic outlook is murky. The Bank didn’t even publish its usual growth and inflation forecast—instead, it offered three different scenarios depending on how trade tensions with the U.S. evolve:

1. Current Tariff Scenario: Moderate growth ahead, but nothing to celebrate.
2. Escalation Scenario: If trade tensions worsen, the economy could shrink further.
3. De-escalation Scenario: If things cool off, we could see a quicker recovery.

So what’s driving all this uncertainty?

Canada and the U.S. Failed to Reach a Trade Deal—And Tariffs Just Went Up to 35%

As of today, Canadian goods are facing 35% tariffs when exported to the United States. That’s a massive increase, and it’s already causing ripple effects through our economy. Here’s what it means for you:

• Canadian exports have dropped, which puts pressure on jobs and business investment.
• Household spending is slowing, especially in sectors tied to trade.
• Wage growth is easing, and the unemployment rate is creeping up.

All of this creates a strange mix for buyers: inflation is cooling, but not gone. The economy is slowing, but rate cuts aren’t guaranteed. In short—it’s a complicated time to make one of the biggest financial decisions of your life.

What Does This Mean for First-Time Buyers in Alberta?

If you’re thinking about buying a home in Calgary, Edmonton, Red Deer or anywhere across Alberta, here’s how this news affects you:

• Interest rates are still relatively high, which impacts how much you can afford.
• Uncertainty around inflation and employment makes long-term financial planning harder.
• Lenders may tighten requirements, especially as economic risk increases.

That’s why it’s more important than ever to work with a mortgage broker like me who understands the local market—and knows how to help you navigate the changing financial landscape.

How a Mortgage Broker Can Help You Right Now

As an independent mortgage broker, I don’t work for a bank—I work for you. Here’s what that means during uncertain times:

• Access to multiple lenders, so you get the best possible rate and terms.
• Help understanding fixed vs. variable rates, and what’s safer for you today.
• Up-to-date advice based on current policy, trade impacts, and inflation expectations.
• Guidance on affordability, especially if you’re worried about job security or rising costs.

Whether you’re looking to buy your first condo in Edmonton or a starter home just outside Calgary, we’re here to help you build a mortgage plan that protects your future.

The Market Might Be Uncertain—But You Don’t Have to Be

The next Bank of Canada rate announcement is set for September 17, 2025, and a lot could change between now and then. Tariffs might go up again, rates might fall—or not. But with expert help and a smart mortgage strategy, you can still move forward with confidence.

Ready to start your journey to homeownership? Let’s chat. A short conversation could save you thousands—and a whole lot of stress.