Quick answer
This is Josh & Jay's preview ahead of the Bank of Canada decision around May 29, 2024. Inflation (CPI) was running near 2.9% and unemployment near 6.3% at the time.
Josh addresses the common fears about getting pre-approved “too soon,” and explains how a rate hold gives you a ceiling while the Bank makes its move.
The rate path (2021–2024)
The Bank of Canada policy rate over the 2½ years around this decision.
Inflation vs the 2% target
Total CPI and the Bank's core measure against its 2% target — the “why” behind the decision. Inflation was 2.9% at the time.
Heads up: this covers the decision on May 29, 2024. Rates move constantly — for the rate and options that apply to you today, book a call.
Frequently asked
What does a Bank of Canada decision mean for my mortgage?
If you're in a variable-rate mortgage, a cut lowers your rate (and payment or the interest portion) right away, while a hold leaves it unchanged. If you're on a fixed rate, it matters most at renewal. For what it means for your specific situation, book a call with Josh.