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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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TSX rises as energy and consumer staples lead




The Toronto Stock Exchange’s S&P/TSX composite index ended up 71.66 points, or 0.3%, at 21,061.88 on Monday, approaching its 20-month high of 21,074.91 reached last week. The energy and consumer staples sectors were the main drivers of the gains, as oil prices recovered some of their losses and investors digested a Bank of Canada business survey.

The survey showed that Canadian firms saw their order books decline as interest rates crimped consumer spending, and they expected inflation to ease despite increased concerns over wages for the next year. The report could keep the door open for interest rate cuts in the first half of the year, according to some economists.

The energy sector rose 0.9% as U.S. crude oil futures settled at $72.50 a barrel, down 0.3%. The consumer staples sector added 0.8%, boosted by shares of Saputo Inc and Loblaw Co, which climbed about 1.6% and 1.5%, respectively. The utilities sector also ended 1.1% higher.

Trading volumes were lower than usual, with U.S. markets closed for the Martin Luther King Jr. Day holiday. On Tuesday, Canada will release its consumer price index report for December, which could offer more clues on the central bank’s policy outlook. Economists expect inflation to rise to 3.4% from 3.1% in November.

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