The Bank of Canada held rates at 2.25%, but the real story is the massive payment shock coming for Canadians renewing mortgages from the 2020–2022 period. Despite nine rate cuts, households are under increasing financial strain, with many facing payment jumps of $700 to over $1,000 per month and even returning financed vehicles to stay afloat. Housing prices still aren’t responding to lower rates because affordability has collapsed, consumer confidence is weak, and the broader economy is being propped up by part-time jobs and government spending.