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Big Six Banks Raise Fixed Mortgage Rates: What Your Renewal Costs Now

  Canadian Money Brief • Mortgages Updated Saturday, October 17, 2026 If your mortgage term ends this winter, the rate you saw advertised in August is probably gone. All six of Canada’s big banks have raised fixed rates since early September, and the Bank of Canada hasn’t touched its policy rate in almost a year. That disconnect catches a lot of homeowners off guard. Your fixed mortgage rate doesn’t follow the Bank of Canada. It follows the bond market. And bond yields have been climbing on oil-driven inflation worries, which means the people feeling it first right now are the ones opening a renewal letter. The numbers at a glance Up to 0.50 pt in fixed-rate increases at the big banks in about five weeks • BoC policy rate still 2.25% • Big bank prime still 4.45% • About $110 a month more on a $400,000 balance from a half-point jump How far have the big banks moved? Depending on the term, some big bank fixed rates are up by as much as half a percentage point in roughly five week...
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Enbridge to cut 650 jobs due to “increasingly challenging

 


Enbridge, a Canadian pipeline giant, has announced that it will be cutting 650 jobs due to “increasingly challenging business conditions” . The company aims to complete the job reductions by March 1, 2024. Enbridge is headquartered in Calgary and currently has approximately 12,000 employees, primarily in the U.S. and Canada.

The job cuts come as the company faces persistent headwinds including higher interest rates, economic uncertainty, and the ripple effects of geopolitical developments. Enbridge spokeswoman Gina Sutherland confirmed the cuts in an email Tuesday, adding that the company must cut costs and strengthen its competitiveness to weather the near-term challenges.

The job cuts are expected to be made across the organization, but no specifics have been provided on which individual business units or regions would be most affected.


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