09/02/2026
🏦 𝗕𝗮𝗻𝗸 𝗼𝗳 𝗖𝗮𝗻𝗮𝗱𝗮 𝗛𝗼𝗹𝗱𝘀 𝗔𝗴𝗮𝗶𝗻
The Bank of Canada held its policy rate at 2.25% today, its seventh consecutive hold. This means Prime Rate remains at 4.45%.
✅ Variable-rate mortgages and HELOCs: No change to your rate or payment.
⚠️ Fixed-rate mortgages: Fixed rates are influenced by Government of Canada bond yields, not directly by today’s decision. The five-year bond yield has climbed above 3.4%, its highest level in about two years, and lenders have already increased fixed rates since mid-August.
The Bank is also sounding more cautious about inflation. While an increase is not guaranteed, Governor Tiff Macklem confirmed the Bank is prepared to raise rates if inflation remains too high.
🏠 Buying or renewing soon?
A rate hold may protect your rate for 90 to 120 days, subject to lender terms and full approval. If rates fall before closing, many lenders will still offer the lower available rate.
If you are renewing within the next 18 months, especially if your mortgage began in 2020 or 2021, now is a good time to review how today’s rates could affect your future payment.
The next Bank of Canada decision is October 28. Inflation, energy prices, trade developments and employment numbers will help determine whether rates hold, rise or fall.
📩 Reach out today to discuss a rate hold or compare fixed and variable options using today’s numbers.
