Bank of Canada Rate Announcement May 29th, 2019
Michael Hallett • May 29, 2019
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.
Recent Canadian economic data are in line with the projections in the Bank’s April Monetary Policy Report (MPR), with accumulating evidence that the slowdown in late 2018 and early 2019 is being followed by a pickup starting in the second quarter. The oil sector is beginning to recover as production increases and prices remain above recent lows. Meanwhile, housing market indicators point to a more stable national market, albeit with continued weakness in some regions.
Continued strong job growth suggests that businesses see the weakness in the past two quarters as temporary. Recent data support a pickup in both consumer spending and exports in the second quarter, and it appears that overall growth in business investment has firmed. That said, inventories rose sharply in the first quarter, which may dampen production growth in coming months.
The global economy is also evolving largely as expected since April, although the recent escalation of trade conflicts is heightening uncertainty about economic prospects. In addition, trade restrictions introduced by China are having direct effects on Canadian exports. In contrast, the removal of steel and aluminum tariffs and increasing prospects for the ratification of CUSMA will have positive implications for Canadian exports and investment.
Inflation has evolved in line with the Bank’s April projection. The Bank expects CPI inflation to remain around the 2 per cent target in the coming months. Core inflation measures all remain close to 2 per cent.
Overall, recent data have reinforced Governing Council’s view that the slowdown in late 2018 and early 2019 was temporary, although global trade risks have increased. In this context, the degree of accommodation being provided by the current policy interest rate remains appropriate. In taking future policy decisions, Governing Council will remain data dependent and especially attentive to developments in household spending, oil markets and the global trade environment.
Information note
The next scheduled date for announcing the overnight rate target is July 10, 2019. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time.
The remaining announcement dates in 2019 are as follows:
- July 10th 2019*
- September 4th 2019
- October 30th 2019*
- December 4th 2019
* Monetary Policy Report published
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Bank of Canada maintains policy rate at 2.1/4%.  FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario December 10, 2025 The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. Major economies around the world continue to show resilience to US trade protectionism, but uncertainty is still high. In the United States, economic growth is being supported by strong consumption and a surge in AI investment. The US government shutdown caused volatility in quarterly growth and delayed the release of some key economic data. Tariffs are causing some upward pressure on US inflation. In the euro area, economic growth has been stronger than expected, with the services sector showing particular resilience. In China, soft domestic demand, including more weakness in the housing market, is weighing on growth. Global financial conditions, oil prices, and the Canadian dollar are all roughly unchanged since the Bank’s October Monetary Policy Report (MPR). Canada’s economy grew by a surprisingly strong 2.6% in the third quarter, even as final domestic demand was flat. The increase in GDP largely reflected volatility in trade. The Bank expects final domestic demand will grow in the fourth quarter, but with an anticipated decline in net exports, GDP will likely be weak. Growth is forecast to pick up in 2026, although uncertainty remains high and large swings in trade may continue to cause quarterly volatility. Canada’s labour market is showing some signs of improvement. Employment has shown solid gains in the past three months and the unemployment rate declined to 6.5% in November. Nevertheless, job markets in trade-sensitive sectors remain weak and economy-wide hiring intentions continue to be subdued. CPI inflation slowed to 2.2% in October, as gasoline prices fell and food prices rose more slowly. CPI inflation has been close to the 2% target for more than a year, while measures of core inflation remain in the range of 2½% to 3%. The Bank assesses that underlying inflation is still around 2½%. In the near term, CPI inflation is likely to be higher due to the effects of last year’s GST/HST holiday on the prices of some goods and services. Looking through this choppiness, the Bank expects ongoing economic slack to roughly offset cost pressures associated with the reconfiguration of trade, keeping CPI inflation close to the 2% target. If inflation and economic activity evolve broadly in line with the October projection, Governing Council sees the current policy rate at about the right level to keep inflation close to 2% while helping the economy through this period of structural adjustment. Uncertainty remains elevated. If the outlook changes, we are prepared to respond. The Bank is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. Information note The next scheduled date for announcing the overnight rate target is January 28, 2026. The Bank’s next MPR will be released at the same time.
Following several challenging years, British Columbia’s housing market is beginning to stabilize. Prices, which experienced downward pressure in 2024–2025, have largely plateaued, with some areas showing modest gains. The recent Bank of Canada rate reduction to 2.25% has lowered borrowing costs, improving affordability and supporting market activity. Across the province, housing supply is gradually increasing. Builders are delivering more condos, townhomes, and single-family homes, easing some supply constraints. Meanwhile, population growth, fueled by domestic migration and international immigration, continues to support long-term housing demand. Key Statistics Home sales: BC home sales declined slightly in 2025 by approximately 1.1% to 73,650 units but are projected to rebound in 2026 by around 8.8%, reaching roughly 80,150 units. Average home price: The provincial average price dipped modestly by 0.9% in 2025 to $972,800, with forecasts projecting an increase of 3.2% in 2026 to approximately $1,004,000. Benchmark home price: As of April 2025, the BC benchmark home price stood at $953,500, down 1.3% year-over-year. Listings and inventory: Active listings are expected to exceed 40,000 units in 2025, the highest in more than a decade. Market Forecast 2025: Market remains relatively flat, with modest declines in sales and prices. 2026: Sales and prices begin to recover, with modest upward trends. Early 2027: Market stabilizes, reflecting measured growth and improved affordability. Regional differences will continue. Urban condo markets may see slower price appreciation, while suburban and smaller communities with limited supply could experience stronger gains. What This Means for Buyers and Homeowners Prospective buyers: 2026 is an opportunity to enter a more balanced market with lower interest rates. Current homeowners: Refinancing or mortgage renewal could be advantageous in this period of slightly lower rates. Investors: Localized analysis is critical, as neighborhood inventory and rental demand will determine returns. Bottom Line: BC’s housing market is shifting from a cooling phase toward a period of gradual recovery. Lower interest rates, steady population growth, and increased housing supply point to a healthier, more sustainable market. Buyers, homeowners, and investors should plan strategically, recognizing that while growth is returning, the pace will be measured and regionally variable. 
