What mortgage owners need to know about the Bank of Canada’s second rate pause

The Bank of Canada’s decision to hold rates for a second consecutive time should act as a stabilizing force to Canada’s mortgage market, according to experts.

Canada’s central bank elected to hold the overnight rate at 4.5 per cent Wednesday, reaffirming economists' expectations. Last month, the Bank of Canada became the first major central bank to pause interest rate hikes. 

“For many mortgage holders, what this actually means is that there's likely to be a period of stability in the next little bit, before things [interest rates] start coming down,” Leah Zlatkin, a mortgage broker and expert with LowestRates.ca, said in an interview on Wednesday. 

Zlatkin said she is projecting a two-year time period before rates begin to normalize.