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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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Tsunami Advisory Issued for B.C. Coast After Powerful Russian Earthquake

 

                                    A tsunami advisory sign is seen near Wickaninish Beach 
                                    at Pacific Rim National Park near Tofino, B.C., on July 29, 2025.

A powerful magnitude 8.7 earthquake struck near Petropavlovsk, Kamchatka, Russia, triggering a tsunami advisory across much of British Columbia’s coastline.

Impacted Areas

Emergency Info BC has issued advisories for:

  • North Coast and Haida Gwaii
  • Central Coast and Northeast Vancouver Island
  • Outer West Coast of Vancouver Island
  • Juan de Fuca Strait, including Greater Victoria

Residents in these zones are urged to:

  • Stay away from beaches, marinas, and shorelines
  • Avoid entering the water
  • Follow instructions from local emergency officials
  • Boat operators should move vessels to deeper waters if safe to do so

Global Ripple Effects

The quake also prompted tsunami warnings and advisories in:

  • Hawaii, where evacuation orders were briefly in effect
  • Japan, which recorded waves up to 40 cm in 16 locations
  • U.S. West Coast, including California and Oregon

Though initial waves in B.C. were relatively small—ranging from 6 to 27 cm—authorities caution that tsunami events can last for hours and involve multiple waves.

Stay Alert

Officials emphasize that a tsunami advisory means strong currents and dangerous wave activity are possible, even without large visible waves. Residents are advised to remain in safe areas until the advisory is lifted.

For real-time updates and safety instructions, visit EmergencyInfoBC’s official site.


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