What to expect from 2025’s first Bank of Canada interest rate update

Canadians are anticipating the Bank of Canada's first interest rate update of the year on January 29, following a recent cut from 3.75% to 3.25%. The unemployment rate has risen to 6.8%, prompting speculation of another rate cut due to slowing inflation at 1.8%. Experts suggest that tariff uncertainties and recession threats may influence the BoC's decision. Homeowners are advised to secure mortgage pre-approvals to lock in lower rates, as market volatility could affect pricing. Future BoC announcements are scheduled throughout 2025.