10/28/2026
The Bank of Canada has increased its key interest rate by 0.25%, from 2.25% to 2.50%.
📈 What does this mean for you?
• The major banks’ prime rate was 4.45% before today’s announcement and will increase to 4.70% as lenders adjust.
• Variable-rate mortgage holders may see an increase in borrowing costs.
• Fixed mortgage rates are influenced by bond yields and may not change directly because of this announcement.
