10/28/2026
WHY?! π
Probably what a few of us were thinking reading todayβs Bank of Canada update.
The Bank of Canada raised its policy rate by 0.25%, bringing it from 2.25% to 2.50%.
But before we panic, letβs put that into real life terms.
The Bank is trying to keep inflation from becoming more persistent. Higher energy costs donβt just mean paying more at the gas pump. They can increase the cost of producing and transporting the things we buy every day, which can eventually show up in prices elsewhere too.
So what does todayβs increase mean for you?
If you already have a fixed-rate mortgage, your mortgage rate doesnβt suddenly change today.
If you have a variable-rate mortgage, the impact depends on how your particular mortgage is structured.
And if youβre thinking about buying, this is another reminder that your budget should never be based solely on the maximum amount you can get approved for.
Because owning a home isnβt just a mortgage payment.
Itβs property taxes, insurance, utilities, maintenance, groceries, gas, car payments, savings and everything else life throws at you.
Rates change. Costs change. Life changes.
But this is exactly why I always want my clients looking at the bigger picture. The goal isnβt just being able to buy the house.
Itβs being able to comfortably live in it too.