Melanie & Warren McNeil
Waterloo Region
Bank of Canada · April 29, 2026 · Rate Held
Bank of Canada · Rate Update
Rate
Update
What today's rate means for Waterloo Region homeowners
📅  Next decision: June 10, 2026
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Rate History
Source: Bank of Canada
Where Things Stand
Rate Holding
at 2.25%
Nine consecutive cuts brought the overnight rate from a peak above 5% down to 2.25% — the lowest since early 2022. Variable mortgage holders have benefited directly from every cut.
Rate down 2.75 points across nine cuts since the 2023 peak
CPI inflation at 2.4% in March — energy prices rising
Unemployment at 6.7% — labour market softening
Overnight Rate
2.25%
Bank Rate: 2.50% · Deposit: 2.20%
Move automatically with the overnight rate
 Current Status
The Bank held at 2.25% for the fourth consecutive time on April 29, 2026. Nine cuts between June 2024 and October 2025 brought the rate down 2.75 points. Energy price pressures from the Middle East conflict are now the key watch item.
Next Rate Decision
June 10
2026
9:45 AM Eastern Time
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 What to Watch
Markets price a hold at 2.25% on June 10 as near-certain. But with inflation jumping to 2.4% in March on energy prices, the Bank's next move could go either direction — a genuine wait-and-see period.
Overnight Rate
2.25%
Held since October 2025
Bank Rate
2.50%
Always 0.25% above overnight rate
Deposit Rate
2.20%
Always 0.05% below overnight rate
CPI Inflation
2.4%
Mar 2026 — energy prices rising
Overnight Rate History
Oct 2024 — Apr 2026
Current 2.25%
 No Change
 Rate Cut ▼
 Jun 10 Decision
Source: Bank of Canada
What This Means for You
Buying
Borrowing costs are lower
At 2.25%, rates are well below the 2023 peak. 492 MLS sales in March — up 40% from February.
Selling
Spring demand is back
New listings up 45% in March. Average 30 days on market. Rate stability is fuelling buyer confidence.
Renewing
Talk to your broker now
June 10 is the next decision. With inflation rising, the fixed vs variable conversation is worth having now.
Waterloo Region — March 2026
Sale Prices
All types$733,258
Single detached$858,919
Townhome$569,213
Condo$383,029
Semi-detached$649,764
Supply
All types2.9 mo.
Single detached2.1 mo.
MLS sales+40%
New listings+45%
Questions About
Your Next Move?
Reach out to Melanie and Warren for a straight-talk conversation about what today's rate means for you in Kitchener, Waterloo, or Cambridge.
teammcneil.com  ·  519-590-3767  ·  hello@teammcneil.com
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Melanie & Warren McNeil, REALTORS®  |  Peak Realty Ltd., Brokerage  |  519-590-3767  |  teammcneil.com
Data: Bank of Canada & Cornerstone MLS  |  Information believed accurate but not guaranteed  |  Not intended to solicit those under contract
Bank of Canada · April 29, 2026

Rate Held at 2.25% — What It Means for Waterloo Region

The Bank of Canada held its overnight rate steady at 2.25% on April 29, 2026 — the fourth consecutive hold since October 2025. The decision was widely expected, with 93% market probability of a hold heading into the announcement.

The economic backdrop has shifted since the March announcement. Headline inflation jumped to 2.4% in March, up from 1.8% in February, driven by a surge in global energy prices tied to the Middle East conflict. Core inflation measures remain more contained, and the Bank has signalled it will "look through" the initial energy-driven spike. Canada's GDP growth remains soft at around 1.2% forecast for 2026, and the labour market continues to soften.

For Waterloo Region buyers, sellers, and homeowners, the rate hold means variable mortgage rates stay unchanged. However, with inflation rising and geopolitical uncertainty elevated, the Bank's next move could go either direction. The next rate decision is June 10, 2026 — if your mortgage is coming up for renewal in the next 6–12 months, the fixed vs variable conversation is worth having now before the picture becomes clearer.

Reach out to Melanie and Warren for a straight-talk conversation about what today's rate environment means for your specific situation in Kitchener, Waterloo, or Cambridge.

Source: Bank of Canada — Rate Announcement, April 29, 2026  |  Information believed accurate but not guaranteed. Not intended to solicit those currently under contract.