The Bank of Canada announces potential changes to the overnight lending rate on eight pre-scheduled dates each year. These interest rate announcements play a critical role in influencing mortgage rates in Manitoba and across Canada, making it essential for homeowners, buyers, and investors to stay informed.

As we move into the second half of 2025, the question on many Manitobans' minds is: Will mortgage rates come down any further this year?

So far, the Bank of Canada (BoC) has delivered two small rate cuts, followed by a stretch of rate holds—including its most recent decision on July 30, where it again kept the policy rate steady at 2.75%. While economists were split on whether we’d see another reduction this month, the Bank chose caution, pointing to persistent inflation pressures and global uncertainty.

Here’s where things stand in the Manitoba mortgage market and what to expect for the rest of the year....

The Bank of Canada delivered a status quo rate decision, keeping its target rate and bond purchases unchanged.