10/29/2026
On October 28th, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.50%. It is the first increase since 2023.
So what does that mean if you are thinking about buying?
• Variable mortgage rates are more directly affected by Bank of Canada rate changes.
• Fixed mortgage rates work differently. If you already have a fixed mortgage, your current rate stays the same until the end of your term.
• If you are getting a new fixed mortgage or renewing, the rate available to you may change, but it does not automatically move by the same amount as the Bank of Canada rate.
• If you already have a preapproval, it is a good time to check in with your mortgage professional to confirm whether your rate is being held and whether anything has changed with what you are comfortable spending.
• If you are just starting the buying process, this announcement does not necessarily mean your mortgage options changed overnight. The impact depends on whether you are considering a fixed or variable mortgage, the rate you qualify for and your individual financial situation.
If you’re thinking about buying, I can help you navigate the process, and connect you with a trusted mortgage professional.
