Richelle Morgan
Kingston Mortgage Solutions
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Bank of Canada rate update - June 2026
June 10, 2026
The Bank of Canada announced its latest interest rate decision and, as expected, it has chosen to hold its benchmark interest rate at 2.25%.
The announcement is largely a "stay the course" decision. Inflation has come down significantly from its peak, but ongoing global uncertainty has led the Bank of Canada to take a cautious approach. With the economy and labour market remaining relatively stable, the Bank has chosen to keep rates unchanged while it continues to monitor future economic conditions.
If you currently have a variable-rate mortgage or HELOC nothing changes.
If you're coming up for renewal this year, now is still a great time to start reviewing your options. Many lenders remain competitive, and having a plan in place before your renewal date can help ensure you're getting the best solution for your situation.
If you're planning to buy a home this year, the announcement brings some added certainty. With borrowing costs holding steady, buyers can take the time to explore their options, plan with confidence, and make informed decisions about their next move.
Looking ahead, the Bank of Canada has indicated it remains focused on keeping inflation under control while supporting economic stability. Most economists expect rates to remain relatively stable through the remainder of the year. Future decisions will continue to depend on inflation, employment data, and global economic developments.
As always, every mortgage situation is unique. If you have questions about how the announcement affects your mortgage, renewal plans, refinancing options, or future home purchase goals, feel free to reach out. I'm always happy to help.
Bank of Canada rate update - April 2026
April 29, 2026
The Bank of Canada announced its latest rate decision this morning, and as expected, they’ve held the overnight rate steady at 2.25%.
This means there’s no immediate change to variable mortgage rates or lines of credit. The bigger story is why they’re holding, and what that could mean for you if you’re buying or renewing your mortgage this year.
Right now, the Bank is navigating a lot of global uncertainty. Rising oil prices tied to the conflict in the Middle East are pushing inflation higher in the short term. At the same time housing and employment are showing signs of slowing. Because of that, they’re taking a cautious, wait-and-see approach before making any further moves.
If you’re buying a home this year, today’s decision gives you a bit of stability. Rates haven’t moved, which helps with planning. That said, fixed rates have been creeping up slightly due to bond yields, and market conditions can shift quickly. This is a good time to understand your options and lock in a strategy that works for your timeline.
If you’re coming up for renewal, you’re not alone. Many Canadians are in the same position after locking in lower rates a few years ago. Even with today’s hold, most renewals will still be at higher rates than before. The key right now is planning ahead. Reviewing your options early, looking at ways to manage cash flow, and making sure your mortgage still fits your financial goals.
One important thing I’m reminding clients is to try not to base big decisions on any single rate announcement. The market is being influenced by a mix of global events, inflation trends, and economic shifts. A well-thought-out plan will always outperform trying to time the market.
If you are wondering how this decision impacts you personally, I’m happy to walk through it with you. We can review your situation and make sure you’re set up properly for the months ahead.
Is your mortgage still working for you?
April 28, 2026
I’ve been having a lot of conversations lately that all seem to start the same way: “Is my mortgage still working for me?” And honestly, it’s a really good question especially right now.
If your monthly budget feels a little tighter than it used to, you’re not alone. Many Canadians are noticing that everyday expenses are taking up more of their cash flow. A mortgage check-up can sometimes uncover options to help reduce monthly debt payments, improve flexibility, or create a little more breathing room in your budget.
With the cost of living still higher than it was a few years ago, and with a large number of Canadians coming up for renewal after locking in ultra-low rates during covid, more people are taking a step back to reassess, as their cost of living is most likely going to increase further on their renewal. These costs have increased not due to their own spending but because the changing political and economic environment.
As consumers face these rate increases, I have been getting a lot of questions about why rates seem to move around so much, so I wanted to give you a bit of simple context. Mortgage rates aren’t random, even though it can feel that way. Fixed rates are largely influenced by the Government of Canada bond yields. When those yields rise, fixed mortgage rates usually follow, and when they fall, rates often ease. Those movements are tied to what’s happening in the economy. Metrics that affect those bond rates include metrics such as growth, spending, and inflation. Variable rates are a bit different, as they’re tied to the Bank of Canada’s policy rate, which is adjusted to help manage inflation.
It’s also worth remembering that your mortgage is more than just your rate. Your payment structure, flexibility, amortization, and ability to adjust over time all play a role in how well it supports your life today. The right mortgage isn’t about chasing the lowest rate. It’s about finding the right balance for where you are now and where you’re going.
Knowing how and what your mortgage can do for you can go a long way to helping handle the increased cost of living. A quick review doesn’t mean making a big change. In many cases, it’s simply about getting clarity. It will help you understand how your current mortgage compares to today’s options. If your renewal is coming up, it ensures you’re aware of how this changing environment affects you so you’re not pressured or stressed later. It may even help you identify ways to improve cash flow or flexibility, and help you tackle the increased cost of living expenses you may be facing.
Remember, if you’re looking to purchase or make a move, a pre-approval can insulate you against fluctuations and help you plan out your expenses before starting the search, and lets you shop with confidence.
We also have another Bank of Canada rate announcement coming up on April 29th. I’ll be watching it closely and keeping you informed on what it means and whether it could impact mortgage rates or strategy. These updates can create opportunities, and it’s always helpful to understand what’s changing and why.
If you’ve been wondering whether your mortgage still fits your life today, I’m always happy to take a look with you. Feel free to reach out anytime.
What is a mortgage switch and when does it make sense?
March 27, 2026
Many homeowners are surprised to learn they don’t have to stay with the same lender forever.
A mortgage switch allows you to transfer your existing mortgage to a new lender — usually at the end of your term — without changing your balance. The goal is simple, to save money, improve terms, or access better service.
Here’s how to know if a switch might be right for you.
When a Switch Makes Sense
You may benefit if:
- your rate is higher than current market rates
- your lender isn’t communicating well
- your mortgage terms are restrictive
- you want to change payment frequency
- you want to consolidate products at one institution
A switch is often low-cost or no-cost at renewal time, which is why reviewing your options before your term ends is so important.
What Happens During the Switch Process?
The process is simpler than most people expect.
- We review your current mortgage
- We compare lenders and rates
- We secure your approval
- Legal instructions go to your lawyer
- Your mortgage officially moves over
You keep your amortization and balance — you’re simply choosing a new lending partner.
Why Work With a Broker?
Banks can only offer their products.
As a broker, I:
- access multiple lenders
- negotiate on your behalf
- explain terms clearly
- help you avoid penalties where possible
- ensure the solution supports your goals
My aim is not just to “get you a mortgage,” but to help you build long-term financial stability and comfort.
Renewal Reminder
You will receive renewal mail from your lender — but it is rarely the best offer available.
Before you sign anything, reach out. A 15-minute conversation can easily save thousands over the life of your mortgage.
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