The October 28 decision
On October 28, 2026, the Bank of Canada raised its policy rate by 0.25 percentage points to 2.50%. This is not the mortgage rate offered to borrowers. How the announcement affects your loan depends on your agreement and your lender’s decisions.
If you have a variable-rate mortgage
If your lender raises its prime rate, your mortgage rate may follow. With adjustable payments, your payment may rise. With fixed payments, more may go toward interest, slowing principal repayment. Check your lender’s notice and your mortgage terms.
If you have a fixed-rate mortgage
Your contractual rate stays unchanged until the end of your term. Today’s announcement does not automatically increase your existing payments. Rates offered for a new mortgage or a renewal need to be checked separately.
Buying or renewing soon?
Review your numbers: your expected payment, your budget cushion and the cost of the available options. At renewal, compare conditions and fees alongside the interest rate. There is no need to make a rushed decision.
Let’s review your situation
I work with borrowers in the West Island and Vaudreuil-Soulanges. With your balance, current rate and maturity date, we can review the next steps. The website calculator can help you prepare for that conversation; it provides an estimate, not a financing offer.