10/06/2026
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Fixed mortgage rates moved higher at some lenders last week, even though Government of Canada bond yields eased slightly toward the end of the week. Variable rates remain unchanged for now.
Hereโs what borrowers should know:
๐ Buying soon?
Protect a workable rate and approval while you shop. With rates moving quickly, affordability should be reviewed before submitting an offer.
๐ Mortgage coming up for renewal?
Start reviewing your options earlyโideally six months before maturity. Compare fixed and variable rates, penalties and payment flexibility instead of automatically signing your lenderโs renewal offer.
๐ Self-employed?
Lenders are still open to strong applications, but documentation is being reviewed carefully. Having complete tax returns, business financials and clearly sourced deposits can help avoid delays.
๐๏ธ Purchasing a new build?
Confirm how the GST rebate will be handled and whether youโll need to provide the funds at closing. A future rebate may not automatically be available toward your down payment.
The next Bank of Canada rate announcement is October 28. Until then, borrowers should focus on what works for their budget todayโnot make decisions based on an assumed rate cut.
Have questions about how these changes could affect your purchase, renewal or refinance? Send me a message and we can review your options.
