The Canadian Mortgage Brokers Association of Ontario (CMBA Ontario) is encouraged by the Bank of Canada’s March 18 decision to keep its policy interest rate at 2.25 per cent. The hold represents decisive action and leadership by the Bank at a time of immense global uncertainty and will better enable federal and provincial governments to advance housing construction, increase access to the market and improve affordability.

“It’s a matter of confidence,” says Michelle Campbell, president of CMBA Ontario. “The hold signals that Ontario remains a competitive environment for investment in housing development. This investment is crucial to increase the supply of housing in Ontario, lowering costs and supporting the feasibility of home ownership for Ontarians across the province.”

This hold also means Ontarians with variable-rate mortgages will not see increases in their monthly payments and shields those with lines of credit from additional borrowing costs. While this represents an important break for hard-working Ontarians navigating an affordability crisis, it is not enough to address ongoing challenges.

Step in the right direction

“This isn’t a setback, but it isn’t necessarily progress either,” adds Campbell. “Holding the rate simply maintains the status quo. Ontarians are looking for proactive action from the federal and provincial governments to meaningfully improve housing affordability and provide reassurance and confidence for investors, homebuyers and businesses alike.”

Although (the) announcement from the Bank of Canada is a step in the right direction, CMBA Ontario strongly encourages the Ontario government to advance additional strategies, policies and investments that increase housing development and affordability. CMBA Ontario remains committed to advocating for measures that better support Ontario’s homebuyers and a strong, sustainable and resilient provincial housing sector and economy.

Schedule of 2026 rate announcements

June 10
July 15
Sept. 2
Oct. 28
Dec. 9