The Bank of Canada has kept its main interest rate at 2.25 percent. For Albertans buying a home or refinancing a mortgage, this means borrowing costs are stable. Knowing mortgage rates are unlikely to rise suddenly helps you plan your next move with confidence.
The Canadian economy is stronger than expected. GDP grew 2.6% in the third quarter, and the unemployment rate fell to 6.5% in November. Inflation is steady around 2%, which means prices are stable.
What the Bank of Canada Rate Hold Means for Alberta Homebuyers
Even though the economy is improving, some areas are still weak. Trade and certain jobs remain uncertain. The Bank of Canada says the current rate is “about the right level” to keep the economy stable and will act if growth or inflation changes.
For Albertans, this is important. First-time homebuyers and families looking to refinance can plan ahead knowing mortgage rates are not likely to jump soon. This creates a more predictable housing market for Calgary, Edmonton, and other areas in Alberta.
Home Prices and Refinancing in Alberta
After several rate cuts earlier this year, rates are now at 2.25%. Home prices in Canada have only dropped slightly—about 1.4% since the peak.
With borrowing costs stable, it’s a good time to think about refinancing your mortgage to lower monthly payments or secure a better rate. First-time buyers can also act with more certainty, knowing rates are not likely to rise quickly.
Looking Ahead for Alberta Homebuyers and Homeowners
The Bank of Canada expects moderate economic growth in 2026, with inflation staying near 2 percent. Upcoming events like the federal budget and trade talks with the U.S. could influence future rates, but for now, the Bank is cautious.
For Alberta homeowners and homebuyers, this period of stable rates is an opportunity. It’s a good time to review your mortgage, plan a home purchase, or consider refinancing to take advantage of the steady borrowing costs. Contact me to go over your personal circumstances and the options available to you.
