Ottawa (September 2, 2026) – The Canadian Mortgage Brokers Association (CMBA) acknowledges the Bank of Canada’s decision today to hold its policy interest rate at 2.25%, noting that while stability may provide short-term predictability, affordability challenges for Canadian homebuyers and mortgage holders should be a serious consideration in future decisions.
“Although we respect the cautious approach the Bank of Canada’s decision displays, it does little to relieve the financial pressures that many Canadians currently face given the economic environment.” said John Woods, President of the CMBA. “Although a hold can be reassuring, it fails to address one of the key barriers preventing homeownership in Canada – and that is the elevated cost of interest on mortgages.”
The CMBA noted that higher borrowing costs have reshaped Canada’s housing market, putting homeownership further out of reach for many first-time buyers while increasing pressure on households facing mortgage renewals. The Association highlighted the importance of forward-looking policy and additional measures that improve affordability for first-time homeowners.
“Mortgage brokers are on the front lines, directly supporting Canadians as they navigate critical financial decisions,” added Woods. “A prolonged period of high rates sidelines prospective home buyers, especially first-time buyers, and places additional strain on existing homeowners.”
The Association also urged the need for action to address housing supply challenges and to ensure that Canada’s financial sector remains responsive to evolving market conditions.
CMBA will continue to monitor economic developments and work with policymakers to advance solutions that support a stable, accessible, and competitive housing market.
