A policy-rate hold meant no immediate central-bank-driven change to variable borrowing costs, but it did not freeze fixed mortgage rates or guarantee future decisions.
What the hold meant
The Bank of Canada maintained its overnight policy rate at 2.25% on January 28, 2026. For many variable-rate products, a hold generally meant no immediate change caused by that announcement.
Why fixed rates could still move
Fixed mortgage rates respond more directly to bond yields, lender funding costs and competition. A Bank of Canada hold does not require lenders to leave every fixed rate unchanged.
Saskatoon context at the time
The original article described a tight Saskatchewan housing market supported by relative affordability and limited listings. For buyers, that made preparation and a realistic budget more useful than waiting for one forecasted rate move.
The durable lesson
Central-bank announcements matter, but a mortgage decision should also account for term, penalty, portability, payment risk and how long you expect to keep the property.
Adapted from Ramin’s original rate announcement post.