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BoC Hike Odds Flip: What 2.50% Costs Your Variable Mortgage & HELOC

  Canadian Money Brief • Feature • Oct 25, 2026 Ten days ago, most economists said the Bank of Canada would sit tight until 2027. Now most say it will raise rates this Wednesday. Here is what that costs you, in dollars. The Bank of Canada announces its next rate decision on Wednesday, Oct. 28, at 9:45 a.m. ET , alongside a new Monetary Policy Report. The overnight rate has sat at 2.25% for a year, and the big banks' prime rate has sat at 4.45%. That calm is about to end, or at least that is what the latest numbers suggest. What flipped in a week In the previous Reuters poll of economists, 80% expected the Bank to hold at 2.25% through the end of 2026. In the Oct. 21–23 survey, 56% (19 of 34) now expect a quarter-point hike to 2.50% on Oct. 28 , and a majority also expect a second increase by the end of March. The trigger was Governor Tiff Macklem's weekend remarks, which markets read as a hint a hike is coming. Interest-rate futures moved from roughly a 30% chance of an October...
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“The only true wisdom is in knowing you know nothing.” - Socrates


This quote, attributed to the ancient Greek philosopher Socrates, is a profound and enduring statement that emphasizes the importance of humility and self-awareness in the pursuit of knowledge and wisdom. 

There are several key points to consider in this quote:

1. Humility: Socrates suggests that true wisdom begins with recognizing the limitations of our knowledge. This humility allows individuals to approach learning and understanding with an open mind, free from the arrogance that can come from believing one knows everything.

2. Lifelong Learning: Socrates' statement encourages a continuous quest for knowledge. By acknowledging that we know nothing or very little, we remain curious and open to new information, ideas, and perspectives. This attitude of perpetual learning is essential for personal growth and intellectual development.

3. Critical Thinking: The quote also underscores the importance of critical thinking. To know that you know nothing implies an awareness of one's own ignorance, which can motivate individuals to question, examine, and seek evidence before forming opinions or accepting beliefs. This critical approach is integral to the Socratic method, a form of cooperative argumentative dialogue used by Socrates to stimulate critical thinking.

4. Intellectual Humility: Intellectual humility is the recognition that one's own beliefs and knowledge are fallible. By embracing this notion, individuals become more open to constructive criticism, different viewpoints, and intellectual growth. It promotes a sense of intellectual modesty and openness to the wisdom of others.

5. Paradoxical Nature: This quote is paradoxical in that it suggests wisdom is found in acknowledging ignorance. It challenges our conventional notions of wisdom, where we often associate it with possessing vast knowledge. Socrates, on the other hand, asserts that genuine wisdom lies in the recognition of how much there is to learn.

In summary, Socrates' statement serves as a reminder that true wisdom involves a continuous journey of self-discovery, learning, and a willingness to admit our limitations. It encourages an attitude of intellectual humility and curiosity, fostering a deeper understanding of the world and our place within it.





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