A sixth hold, and the files that actually need a broker
Six holds. Prime has sat at 4.45% since late October 2025, which means a variable-rate payment has been the same for the better part of a year.
When the rate stops being the variable, the file becomes the variable — and the GTA generates more genuinely complicated files than anywhere else in the country. Self-employment is dense here, and a business owner who writes off aggressively can show a modest taxable income against a healthy business; how a lender reads that determines everything, and they read it very differently. Newcomers arrive with substantial down payments and no Canadian credit history. Non-resident and mixed-status purchases have their own rules and taxes. Any of these can be a straightforward approval at one lender and a decline at another, on identical documents.
That is the honest case for using a broker in this market, and it is not about finding a rate a tenth of a point lower. It is that on a non-standard file the difference between lenders is not price, it is yes or no.
June's market: 6,770 sales at an average of $1,058,658 with 4.7 months of supply. Volume is solid and inventory is still ample, which is a reasonable market to be buying into if your financing is sorted.
What the Bank said
“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%. Canada’s economy is showing signs of improvement.”
The rate path around this decision
For context, unemployment was running at about 6.4% and inflation at 3% around this decision.
Where this leaves you
Rate announcements make headlines; approvals turn on your own numbers. If you're buying, renewing or refinancing in Toronto, the useful next step is finding out what you actually qualify for — see current rates, run the math, or start an application. You can also follow the local market in our Toronto housing market reports.