10/28/2026
🏡 BANK OF CANADA RATE UPDATE – OCTOBER 28, 2026
📈 Interest rates are going UP!
The Bank of Canada has increased its key interest rate by 0.25 percentage points, bringing the overnight policy rate from 2.25% to 2.50%. (Bank of Canada)
💰 What does this mean for homeowners and buyers?
✔️ Variable-rate mortgage holders could see higher borrowing costs.
✔️ Buyers should review their mortgage affordability and purchasing power.
✔️ Fixed-rate mortgage holders are generally not affected immediately by this announcement.
✔️ Planning ahead and understanding your mortgage options is more important than ever.
📊 How much more could you pay each month?
For a $500,000 mortgage, an illustrative 0.25% increase in the mortgage interest rate could mean approximately $71 more per month, assuming a 25-year amortization and a change from 4.45% to 4.70%.
Your actual payment change will depend on your lender, mortgage terms and interest rate.
🏠 Thinking about buying, selling, or investing in real estate?
Let’s discuss your options and create a strategy that works for you.
📞 Manoj Sapra: 647-448-1814
📞 Sukhjeet Gill: 416-566-1814
🌐 www.gtahomesforyou.ca
Royal Canadian Realty, Brokerage
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