Separate the observable policy change from the response you still need to measure.
Historical policy-rate decisions. Not a Northbound survey or a current-rate quote. Vertical range: 2.00–3.25%.
The starting point
On 29 January 2025, the Bank of Canada reduced its policy rate to 3.00%. That decision supplies an official reference point for the beginning of the year. It does not, on its own, establish how consumers or businesses responded.
Turn an event into a testable question
Did awareness change? Did the decision alter a planned purchase? Did respondents see their own finances differently? Each question would require evidence. Our interpretation is that a policy announcement is most useful as a prompt for a focused research design, rather than as a substitute for one.
What we would compare
We would distinguish people facing an imminent borrowing decision from those without one, and compare responses using a sufficiently sized sample. The report would preserve interview dates and clearly separate measured attitudes from our explanation of them. This article was prepared retrospectively in October 2026; it is not a record of research published by Northbound in January 2025.
Evidence note. This retrospective was first published on 25 October 2026. Its period label refers to the underlying event or data, not an earlier publication. Source material may include final figures published after the period covered. Northbound’s interpretation is identified separately from reported findings. Read our publication policy.