10/28/2026
The Bank of Canada announced this morning that they are raising their policy interest rate by .25% to 2.50%. This will undoubtedly cause banks to raise their prime lending rate to 4.70%, which will have an impact on variable rate mortgages but not fixed rates. This is the first rate hike by the BoC since 2023 and the first move in over 12 months.
The BofC cited rising inflation as the main reason for today's increase.