Bank of Canada Interest Rate Announcement


As reported by the B.C. Real Estate Association's Chief Economist, Brendon Ogmundson:

The Bank of Canada maintained its overnight policy rate at 2.25 per cent. In the statement accompanying the decision, the Bank noted that the war in the Middle East has increased volatility and heightened risks in the global economy but the Bank still expects the Canadian economy to grow modestly in 2026 though the labour market remains soft and growth looks to be weaker than expected in Q1. On inflation, the Bank expects the sharp increase in energy prices to push CPI inflation higher in coming months.

Absent a U.S. war with Iran and its knock‑on effects on oil prices and other downstream costs, there is a strong case for the Bank of Canada to be lowering its policy rate. Core inflation continues to decelerate, with three‑month measures falling again in February and now averaging just over 1%. Economic growth is likely to come in below the Bank’s somewhat optimistic Q1 forecast, and Canada just recorded its weakest month for employment growth since 2022. Instead, the Bank will need to assess the inflationary impulse from a potential supply shock and the risk of pass‑through to inflation expectations, which argues for some degree of caution. Most estimates suggest that an extended period of high oil prices could add 1% to inflation, potentially pushing growth in consumer prices back to over 3%. While it is possible that the Bank would look through a temporary shock to prices and react instead to a weakening economy, the situation is currently too uncertain for there to be any strong conviction in a policy direction.

Copyright British Columbia Real Estate Association. Reprinted with permission



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Jennifer always has the best interests of her clients at heart. She recognizes that buying or selling a home is a huge moment in everyone’s life and is keen to use her knowledge and skills to ensure her clients achieve the best results.

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Having started Nexus Realty nearly three decades ago, Dale has a history of proven results for his clients. Whatever his clients’ situation, he approaches his work with the same integrity and great service. Teaming with his daughter, Jennifer, makes Nexus Realty a family business dedicated to helping other families at pivotal moments in their lives.

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Mortgage rate impact from war in Middle East


The impact of war in the Middle East and its impact on Canadian mortgage rates is, at least, a surprising connection. It’s a connection made by several Canadian news outlets this week, among them Global News, which broadcast and posted the following report, written by Uday Rana…

As the Iran war raises oil and energy prices around the world, some experts are warning that additional stress may be on the way for Canadians looking to renew their mortgages this year.

The country is in the middle of a mortgage renewal wave, with the Canada Mortgage and Housing Corporation estimating that at least 1.5 million households had already renewed their mortgage by the end of 2025 and a million more are set to do so in 2026.

South of the border, mortgage rates are climbing, with the 30-year-fixed mortgage rate blowing past six per cent last week.

Generally, when investors fear inflation, that drives bond yields up and, in turn, raises mortgage rates.

“Once oil prices skyrocketed in reaction to hostilities in and around Iran, yields followed suit. This matters because lenders use bond yields to price their fixed mortgage rates,” said Clay Jarvis, NerdWallet Canada’s mortgage expert.

In Canada, fixed-rate mortgages have gone up slightly since the start of the war, said Dan Eisner, CEO of Calgary-based True North Mortgage.

“We’ve probably seen fixed rates go up by at least a quarter per cent right across the board from all the lenders,” he said.

Homeowners looking to renew their mortgage this year should be concerned about three and five-year government bond yields, Jarvis said.

“If the Bank of Canada now has to consider increasing interest rates, quarter of a percentage point or half a percentage point, you can bet that those are going to show up in mortgage rates,” said Concordia University economist Moshe Lander.

The first indication could come as quickly as Wednesday (March 18), when the Bank of Canada makes its next interest-rate announcement.

The Nexus Blog:

The purpose of CMHC in home mortgages


Here’s something that may assist first-time home buyers who are unfamiliar with some of the terminology and acronyms that are second nature to seasoned real estate participants.

This one has to do with CMHC, and periodically you can expect to find definitions that everybody thinks you know, just in case you don’t. This acronym stands for Central Mortgage and Housing, a crown corporation in the business of helping improve housing and living conditions for Canadians. It administers the National Housing Act.

Where it usually comes onto the buyers’ radar is by insuring their mortgages. If your down payment is less than 20 per cent on a home you’re planning to purchase, CMHC will be insuring your mortgage, for which you will be paying an insurance premium, of course. In the unlikely but not impossible event the buyer is at some point unable to pay the mortgage, CMHC protects both sides. The lender is guaranteed that his investment is safe…the borrower is guaranteed that CMHC will work to find a way to make the mortgage work by researching and helping to implement payment options, and to help homeowners understand affordability.

CMHC’s premium is calculated as a percentage of the loan and is based on a number of factors such as the purpose of the property (owner occupied or rental), the type of loan (i.e. purchase/construction or refinance loan), the ability of a self-employed borrower to supply income verification, and the size of down payment (i.e. the higher the percentage borrowed, the higher percentage the insurance premiums).

So remember, CMHC is an insurer, not a lender.

BCREA disappointed by provincial budget's tax increases


In the wake of the release of BC Budget 2026, the BC Real Estate Association (BCREA) is raising concerns about budget housing measures that could exacerbate existing market issues because it lacks measures to address looming decline in new home construction.

The BCREA's press release read: "In a provincial economy facing external headwinds and uncertainty, it is unsurprising that the BC Government is running a sizeable deficit. However, the lack of a clear plan to return the provincial debt-to-GDP ratio to a sustainable path raises concerns about the province’s fiscal health. Mounting debt and rising debt-service costs will constrain the ability to provide tax relief for BC households or fund worthwhile programs.

"These realities made Budget 2026 an important inflection point, particularly for housing affordability across the province. Unfortunately, the budget failed to address either the growing tax burden or the province’s housing issues. When faced with a potentially significant slowdown in new home construction, the government has opted to further burden the development sector with tax increases, imperiling the ability of the province to meet its own long-term housing supply targets.

"Instead of policies to lower the cost of development, Budget 2026 doubled down on policies that have already proven ineffective at improving affordability:  
                  • Higher school taxation rates on development lands, which will increase costs that will be downloaded to buyers and further hinder project viability.  


                  • Applying PST to professional housing-related services, increasing soft costs and further challenging the economic viability of projects.


                  • Increasing the Speculation and Vacancy Tax to four per cent for foreign residents and others at a time when BC badly needs to attract capital to increase housing supply.

"These tax increases will only make an already challenging development climate more difficult."

ADDED Brendon Ogmundson, BCREA Chief Economist: “There is unfortunately not a lot to like from either a macroeconomic or housing perspective in this budget,. We understand that the province is in a difficult position and needs to raise revenues, but doing so on the back of an already struggling housing sector will ultimately prove to be self-defeating.”

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