Yesterday, the Bank of Canada held its overnight rate at 2.25%.
It may not sound like big news but for many of the families we’re speaking with, it matters. After a stretch of constant change, a steady rate gives people the chance to slow down and make decisions based on where they’re headed, not where rates might go next.
Why the pause?
The Bank is being careful. There are still a lot of moving parts globally, from energy prices to ongoing uncertainty around U.S. trade and those factors don’t settle overnight.
Inflation came in at 2.4% in March and could stay a bit elevated in the short term, mainly due to gas prices. The goal is still 2%, but the Bank has made it clear they’re in no rush to force it. For now, they’re holding steady and watching how things unfold.
A calmer pace
Buyers are out there, but the urgency has faded. People are taking their time, doing their homework and focusing on finding the right home rather than just securing something quickly.
More homes to choose from
Sellers who were waiting for a clearer moment are starting to step in. We’re seeing more thoughtfully prepared homes come to market, which is giving buyers better options than they had last year.
A more even dynamic
It’s one of those rare periods where both sides feel comfortable. Sellers are achieving fair value and buyers have room to be selective.
We often say that trying to perfectly time the market rarely works. What does work is making a move when it aligns with your life.
Right now, there’s a bit more clarity than we’ve had in a while, which makes it easier to plan. If you want to talk through what this might mean for you or your neighbourhood, we’re always here for a conversation.
Reach out to us at clientcare@lomeirwin.com