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BoC Opens the Door to Rate Hikes: What It Means for Your Mortgage

  Published September 4, 2026 The Bank of Canada held its policy rate at 2.25% on September 2 — the seventh straight hold — but Governor Tiff Macklem didn't sound like a central banker done for the year. He told reporters the Bank is "prepared to raise interest rates, and if it takes more than one increase, we're prepared to do that," if inflation stays too high. That's a real shift in tone, and it lands right as a wave of Canadians hit their mortgage renewal date. Here's what changed, who's forecasting what, and what it actually means for your payment. Why the Bank Suddenly Sounds Hawkish Canada's annual inflation rate has climbed to around 3% — a full point above the Bank's 2% target — and the Bank is pointing squarely at energy prices. Oil has stayed elevated because of the Iran conflict and disruption near the Strait of Hormuz, pushing gas prices up and dragging headline CPI with it. Core inflation, which strips out food and energy, is still s...
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Classic Carrot Cake with Cream Cheese Frosting

 This cake is nicely spiced, ultra-moist, and topped with lavish swirls of cream cheese frosting.

Classic Carrot Cake with Cream Cheese Frosting

Ingredients:

  • 1 cup currants (soaked in hot water to plump them up, then drained)
  • 2 cups all-purpose flour
  • 2 teaspoons ground cinnamon
  • 1/2 teaspoon ground nutmeg
  • 1/2 teaspoon ground ginger
  • 1 teaspoon baking soda
  • 1/2 teaspoon salt
  • 1 cup chopped walnuts or pecans
  • 1 pound carrots (finely chopped in a food processor)
  • 4 large eggs
  • 1 cup granulated sugar
  • 1 cup packed light brown sugar
  • 1 1/4 cups vegetable oil

Instructions:

  1. Preheat your oven to 350°F (175°C).
  2. In a large bowl, combine the flour, spices (cinnamon, nutmeg, ginger), baking soda, and salt. Whisk to blend.
  3. Add 1/4 cup of the flour mixture to the drained currants and nuts. Toss well; coating the currants and nuts with flour will prevent them from sinking to the bottom of the cake.
  4. Next, add the finely chopped carrots to a food processor fitted with the steel blade. Process until they are the consistency of couscous.
  5. Transfer the carrots to a bowl and wipe the processor bowl clean.
  6. Add the eggs, granulated sugar, and brown sugar to the processor. Process until smooth.
  7. With the machine running, slowly pour in the vegetable oil.
  8. Stir the wet ingredients into the flour mixture. Add the carrots, currants, and nuts. The batter will look very orange!
  9. Transfer the batter to a greased and floured 9x13-inch cake pan.
  10. Bake the cake for about 45 minutes, or until a tester comes out clean.
  11. While the cake cools, make the Cream Cheese Frosting:
    • Combine 8 oz (225g) softened cream cheese, 1/2 cup (1 stick) unsalted butter, and 1 teaspoon vanilla extract in the bowl of an electric mixer. Beat until smooth and creamy.
    • Gradually add 2 cups confectioners’ sugar. Once all the sugar is added, beat on medium-high speed until light and fluffy.
  12. Use an offset spatula to frost the cake. Sprinkle nuts on top, if desired, and serve the cake directly from the pan.

Note: This cake can also be made as a 9-inch layer cake. You’ll have enough frosting for the middle and top of the cake; just leave the sides bare — it’s pretty that way.


 

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