10/29/2026
📢 BANK OF CANADA RATE UPDATE | October 28, 2026
The Bank of Canada has raised its key policy interest rate by 0.25% (25 basis points), bringing it to 2.50%. This marks the first rate increase since July 2023.
🏡 What does this mean for your mortgage?
Variable-rate mortgages: You may see a change in your interest costs or payments, depending on your mortgage terms and lender.
Fixed-rate mortgages: Rates are influenced by bond markets and may respond differently to changes in the Bank of Canada’s policy rate.
Homebuyers: Understanding how this change affects your borrowing power is an important step in planning your next move.
The next Bank of Canada rate announcement is scheduled for December 9, 2026.
Whether you're buying your first home, renewing your mortgage, or exploring refinancing options, having the right information can make all the difference.
💬 Have questions about what this rate increase means for you?
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Bob Beach - Mountainview Mortgage - The Mortgage Centre
Here to help you navigate your mortgage options with confidence.