10/28/2026
📢 Bank of Canada Raises Rates - Here We Go Again
The Bank of Canada has raised its key interest rate by 0.25%, bringing it to 2.50%. This is the first rate increase since July 2023.
So, what’s going on? 🕵️♀️
Inflation is proving harder to tame than expected. Higher energy prices, ongoing trade uncertainty and rising business costs are putting pressure on prices. The Bank now expects inflation to reach 3.5% by the end of the year.
And while the Canadian economy has been doing better than expected, the Bank is concerned that inflation could stick around longer than anyone wants.
🧐 What does this mean for you?
If you have a variable-rate mortgage, you could see your payments increase or more of your payment going toward interest, depending on how your mortgage is structured. 📈
If you have a fixed-rate mortgage, nothing changes today. But if you’re coming up for renewal, it’s worth reviewing your options sooner rather than later. 🔎
And if you’re thinking about buying? Don’t panic. But don’t make decisions based on where you hope rates might go, either.
Here’s what I think.
I understand why the Bank wants to get inflation under control. But Canadians are already dealing with higher grocery bills, energy costs and just about everything else.
Raising interest rates might help slow inflation, but it also makes life more expensive for people who are already stretched. 💸
And the Bank hasn’t ruled out further increases.
My advice? Don’t make mortgage decisions based on headlines. Make them based on your numbers, your plans and what makes sense for you. 📝
Because the right mortgage strategy isn’t about guessing what the Bank of Canada will do next. It’s about making sure you’re in a position to handle whatever comes next. 📞💬💻
➡️ The next rate announcement is scheduled for Wednesday, December 9th, 2026. 🗓️
Gina Best
📱 (604) 340-3600
📧 [email protected]
