No change from the Bank of Canada today. Bank Prime with most lenders remains at 4.45%.
May's inflation reading rose to 3.2% (up from 2.8% in April). At first glance, that may seem concerning. But in today's press conference, the message was clear: higher oil prices are primarily driving this increase, and they aren't seeing much evidence that those higher costs are spreading to other goods and services.
What stood out:
Governor Macklem repeatedly pointed to core inflation (which removes volatile food and energy prices), noting that it remains around 2%
This is the inflation measure the Bank is watching most closely—and so far, It's still on target.
The bottom line:
The Bank isn't focused on oil prices alone. They're focused on whether those higher costs start showing up in other goods and services —and so far, they aren't.
As long as core inflation remains near 2%, the Bank appears comfortable keeping rates on hold.
Should you have any questions or wish to review your mortgage options, please schedule a call.
2026 Bank of Canada Announcement Schedule:
September 2
October 28
December 9