Richelle Morgan
Kingston Mortgage Solutions
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Bank of Canada update - October 2026
October 28, 2026
Bank of Canada raised its key rate by 0.25% on October 28, 2026. This decision comes as inflation remains elevated, driven in part by higher energy prices and ongoing global economic uncertainty. The Bank of Canada is taking steps to help manage inflation and keep prices stable over the longer term.
The mortgage Prime rate will now be at 4.70%.
The next announcement will be on Wednesday, December 9, 2026.
What does it mean for your mortgage?
Variable-rate mortgages: Your lender’s prime rate is expected to rise by about 0.25%, which will increase your interest costs. Depending on your mortgage type, this could mean a slightly higher monthly payment or more of each payment going toward interest.
Fixed-rate mortgages: Your rate and payments won’t change for the rest of your term. Fixed rates follow bond yields rather than the Bank of Canada’s rate.
Coming up for renewal, or buying a home? Rates are shifting, so it’s a good time to look at your options. If your renewal is within the next 4–6 months, we can often lock in a rate early to protect you from further increases.
Home equity line of credit (HELOC): Your rate is tied to prime, so you can expect a similar 0.25% increase.
What should you do now?
There’s no need to panic. A 0.25% change is modest, and it’s worth looking at your whole financial picture before making any decisions. Every situation is a little different, so if you’re wondering how this affects your mortgage, I’m happy to take a look. We can check your payments, compare renewal/refinancing options, or talk through fixed versus variable.
If you’d like to chat, I'm here to help you understand your options and make informed decisions.
Bank of Canada rate update - September 2026
September 02, 2026
The Bank of Canada announced that it is holding its policy interest rate at 2.25%, keeping rates unchanged for another announcement.
So, what does this mean for you?
If you have a variable-rate mortgage or line of credit, the announcement means you won’t see a change to your rate as a result of the Bank of Canada decision.
If you have a fixed-rate mortgage, your current rate and payment won’t change. However, fixed mortgage rates are influenced by the bond market rather than directly by the Bank of Canada. This means that the rates available for a new mortgage or upcoming renewal can still move even when the Bank holds its policy rate.
The Bank noted that Canada’s economy strengthened in the second quarter, with GDP growing by 3.3%. There has also been some improvement in the housing market and labour market. At the same time, inflation has been hovering around 3%. This is largely due to higher gasoline prices, while ongoing global uncertainty and trade tensions continue to create risks for the economy.
If your mortgage is coming up for renewal, you’re thinking about buying a home, or you simply want to know whether your current mortgage is still the right fit, this is a good time to review your options.
Feel free to reach out anytime. I’d be happy to take a look at the numbers with you and help you understand what the announcement could mean for your plans.
How will the July Bank of Canada rate hold affect you now?
August 04, 2026
There’s a lot you can plan for when the mortgage market holds steady, and this summer is a good example. In July, the Bank of Canada held the overnight rate at 2.25% for the sixth consecutive time, keeping the prime rate at 4.45%. It’s not headline-grabbing news, but a predictable rate environment makes it a lot easier to plan bigger financial decisions with confidence, including the kind that add real value to your home.
If you’ve been putting off a renovation, a stable rate environment is one of the best times to revisit it, since financing costs are easier to predict and budget around. Whether you’re financing through savings, a HELOC, or refinancing your mortgage to access equity, knowing what your payments will look like removes a lot of the guesswork.
Not all renovations are equal when it comes to long-term value. Real estate professionals commonly point to a few categories as having the strongest impact:
- Kitchen updates – Often considered one of the highest-value renovations, even smaller updates like cabinet refacing, countertops, or new appliances can make a noticeable difference.
- Bathroom upgrades – A refreshed bathroom is another consistently strong performer, particularly for buyers comparing similar homes.
- Energy efficiency improvements – Upgraded insulation, windows, or a heat pump can lower utility costs and appeal to buyers. Some of these upgrades may also qualify for federal or provincial rebate programs, so it’s worth checking what’s currently available.
- Finishing a basement – Adding livable square footage, like a rec room or an extra bedroom, tends to be a strong selling point down the road.
- Curb appeal and outdoor space – Landscaping, a refreshed entryway, or a deck can make a strong first impression and improve day-to-day enjoyment of the home.
Of course, value depends on your neighbourhood, the quality of the work, and current market conditions, so it’s worth thinking through which projects make sense for your specific home before diving in.
The same predictability that helps with renovation planning also helps with buying and renewing. For first-time buyers and anyone planning their next move, a steady rate environment removes some of the uncertainty from budgeting. If your mortgage is set to renew in the next several months, now’s a good time to start reviewing your options. The earlier you look, the more room you’ll have to compare strategies rather than deciding under pressure closer to your renewal date.
Whether you’re planning a renovation, buying, renewing, or just want a second opinion on your mortgage, feel free to reach out.
Bank of Canada rate update - July 2026
July 15, 2026
The Bank of Canada announced that it is holding its key interest rate at 2.25%, marking the sixth consecutive rate hold.
While this decision was widely expected, many homeowners are wondering what it means and why the Bank chose to leave rates unchanged.
The Bank's job is to keep inflation under control while supporting a healthy economy. Although inflation increased to 3.2% in May, much of that rise was driven by higher gasoline prices. Canada's economy is beginning to improve, but growth remains modest. Ongoing global conflicts and trade issues continue to create uncertainty about what comes next.
With these mixed economic signals, the Bank has chosen to take a wait-and-see approach. It will keep interest rates unchanged while continuing to monitor inflation and the broader economy.
If you have a variable-rate mortgage or home equity line of credit (HELOC), your interest rate will remain unchanged for now.
If you're considering a fixed-rate mortgage, it's important to remember that fixed rates are influenced by the bond market rather than the Bank of Canada's overnight rate. That means fixed mortgage rates can still move up or down, even when the Bank holds its policy rate.
Even when interest rates don't change, your financial situation and mortgage options may have. No matter where you are in your homeownership journey, it's always a good idea to review your mortgage. Whether you're renewing, buying a home, refinancing, or simply checking that your mortgage still meets your needs, I'm here to help you explore your options.
The Bank of Canada is scheduled to make its next interest rate announcement in September, and I'll continue to keep you informed as the market evolves.
If you have any questions about the announcement or would like to discuss your mortgage strategy, don't hesitate to reach out. I'm always happy to help.
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