The Bank of Canada is widely expected to lower interest rates again this month, even with stronger job and inflation numbers than forecast. While those results might suggest holding steady, Governor Tiff Macklem has made it clear he’s more worried about weak economic growth and rising unemployment. With signs of slowing momentum, another rate cut now seems likely as the Bank looks to support spending and investment.

For buyers in Ottawa and across Ontario, this is promising news. Lower rates translate into reduced borrowing costs and more flexible mortgage options—especially helpful for first-time buyers trying to enter a competitive housing market.

Signs Point to a Softer Economy

The Bank of Canada cut its policy rate to 2.5% in September and could soon bring it closer to 2.25%. Despite a small uptick in jobs last month, overall employment growth has remained sluggish, and unemployment is at its highest level since before the pandemic. Consumer spending has also cooled, and many businesses have slowed hiring.

These trends show the Bank’s focus is shifting—from controlling inflation to supporting growth. With inflation expectations now easing and demand softening, policymakers are signalling a willingness to cut rates again to help stabilize the economy.

What Lower Rates Mean for Ontario Buyers

Falling interest rates could make homeownership more attainable in Ontario, particularly in Ottawa, where prices have levelled off after years of sharp increases. Lower borrowing costs could help buyers qualify for larger mortgages or secure better payment terms. Even a small drop in rates can make a noticeable difference in affordability.

Still, not all lenders adjust their rates at the same time. That’s where a mortgage broker’s expertise comes in. Brokers have access to multiple lenders and can compare the best available options, often before the big banks update their public rates.

How a Mortgage Broker Can Help You Prepare

When rates are changing quickly, strategy and timing are key. A mortgage broker can help you lock in a low rate, understand whether a fixed or variable mortgage fits your situation, and guide you through pre-approval with confidence.

For first-time buyers in Ottawa and throughout Ontario, having professional guidance can make a complex process far easier. A broker works for you—not the bank—and ensures you’re ready to take advantage of what could be an ideal window to buy as interest rates move lower.