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BoC Holds at 2.25%: What the Rate Decision (and Rising Gas Prices) Mean for Your Wallet

  Thursday, July 16, 2026 Sixth consecutive hold. A weaker 2026 growth forecast. And inflation that's running hotter because of gas prices, not the usual suspects. Here's what actually changes for you. The Bank of Canada held its overnight rate at 2.25% on Wednesday, exactly as markets expected. No surprise there. What's more interesting is why it held, and what it revealed about where the economy — and your bills — are headed next. This was the sixth straight hold since the Bank finished its easing cycle back in October. But buried in the accompanying Monetary Policy Report were a few numbers worth your attention. The Numbers That Matter Overnight Rate 2.25% (unchanged) Prime Rate (typical) 4.45% 2026 GDP Growth Forecast 0.7% (cut from 1.2%) 2027 / 2028 Growth Forecast 1.8% each year May CPI Inflation 3.2% Inflation Excluding Gasoline 2.2% Unemployment Rate (June) 6.5% Next Rate Decision September 2, 2026 Why Gas Prices Are Driving This Decision Here's the twist in th...
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Ontario Unveils Ambitious Economic Update

 

Ontario’s Finance Minister, Peter Bethlenfalvy, is set to present the province’s fall economic statement today, which Premier Doug Ford describes as an ambitious plan aimed at building highways, hospitals, and homes. The update, often referred to as a mini-budget, will include several key measures designed to address affordability and infrastructure needs.

One of the headline announcements is a $200 rebate cheque for nearly every adult in the province, with an additional $200 for each child. This move, which has been met with both praise and criticism, is part of a broader strategy to provide immediate financial relief to Ontarians. Critics, however, have labeled it a “gimmick” and a “bribe” ahead of a potential early election in 2025.

The economic update will also extend the 5.7-cent gas tax cut through to June 2025, a measure that has been renewed bi-annually since July 2022. Additionally, the government plans to invest $225 million to break the Beer Store’s alcohol sales rights, allowing more corner stores and grocery outlets to sell alcohol.

Premier Ford emphasized that the economic update maintains the government’s path to balance, with the spring budget projecting deficits until 2026-27. The update is expected to provide clarity on the province’s debt, the cost of various government programs, and the overall economic outlook.

As the province navigates through these economic changes, the government’s focus remains on enhancing infrastructure and providing financial support to its residents.


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