10/28/2026
🏡 Bank of Canada Rate Hike: What does it mean for you?
Today, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.50%.
So, what does this mean for homeowners and those looking to buy?
🔑 For current homeowners
Variable-rate mortgages: You could see your borrowing costs increase, depending on your mortgage terms.
Fixed-rate mortgages: No immediate change to your current rate, but your renewal could look different.
Renewing soon? Now is a good time to review your options and plan ahead.
🏠For home buyers
Mortgage affordability: Higher borrowing costs can mean higher payments and potentially less purchasing power.
Your buying strategy matters: Getting pre-approved, understanding your budget and exploring your mortgage options are more important than ever.
📩 Have questions about how today’s rate hike affects YOU? Send me a message. Let’s talk about your next steps!
Kelly Lumsden
Sales Representative
International Realty Firm inc., Brokerage
Cell. 416-457-6810
[email protected]
Homeowners MortgageRenewal RealEstateCanada