The Bank of Canada is narrowly expected to hold its key policy rate at 2.75% on Wednesday as U.S. President Donald Trump's tariffs slowly trickle through the economy, hurting businesses and consumers.

The Bank of Canada on Wednesday announced its policy rate would remain at 2.75 per cent. Tiff Macklem, the BoC governor, said the bank held off on a rate cut due to a lack of clarity concerning trade with the US.

According to a recent Royal LePage report, 1.2 million mortgages will be up for renewal in Canada this year. Here's what the Bank of Canada's rate hold means for them.