10/29/2026
🏡 BANK OF CANADA RAISES INTEREST RATES — WHAT DOES THIS MEAN FOR HOMEOWNERS?
Today, October 28, 2026, the Bank of Canada announced a 0.25 percentage point increase to its benchmark interest rate, bringing it to 2.50%.
Prime Rate Previously: 4.45%
New Prime Rate: 4.7%
This marks Canada's first interest rate increase in over three years. With inflation remaining a concern, the Bank of Canada has taken this step to help manage rising prices. But what does it mean for your mortgage?
Here's what you need to know:
🏠 Variable-Rate Mortgages: If you have a variable-rate mortgage, your lender may increase your mortgage rate. Depending on your mortgage structure, this could mean higher monthly payments or a change to how much principal you're paying down.
🏠 Fixed-Rate Mortgages: If you're currently locked into a fixed-rate mortgage, your interest rate won't change during your existing term.
🏠 Mortgage Renewals: If your mortgage is coming up for renewal, it's important to explore your options before simply accepting your lender's renewal offer.
🏠 Homebuyers: Changes in interest rates can affect affordability and borrowing power. Understanding your options is an important first step.
The good news? You have options.
Every mortgage situation is different, and making the right decision starts with understanding your financial goals.
Whether you're purchasing a home, refinancing, or approaching renewal, I'm here to help you navigate these changes with confidence.
📞 Laura Mackie | 778.878.5350
Laura Mackie Personal Mortgage Corporation
Mortgage Architects | A Better Way