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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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Impact of President Biden’s New China Tariffs on Consumers

In a significant policy shift, President Biden has announced new tariffs on Chinese goods, including electric vehicles (EVs), semiconductors, and medical supplies. This move has sparked widespread discussion about its implications for American consumers.

  • Electric Vehicles and Semiconductors: The tariffs are set to quadruple for imported Chinese EVs, jumping from 25% to 100%, and semiconductors will see an increase from 25% to 50%. This could potentially affect the prices and availability of these products in the U.S. market.

  • Solar and Steel: Additionally, some tariffs on Chinese steel and aluminum will rise from 7.5% to 25%. This may lead to increased costs for industries relying on these materials, possibly trickling down to consumer prices.

  • Political and Economic Strategy: The timing of these tariffs, with Election Day less than six months away, suggests a strategic move by the Biden administration to bolster domestic industries and secure political support.

  • Consumer Impact: Experts are divided on the impact these tariffs will have on U.S. consumers. Some argue there will be no inflationary impact, while others believe it could lead to higher prices for affected goods.

The administration’s stance is clear: to protect American jobs and industries from being undercut by unfairly priced imports. However, the true effect on consumers remains to be seen as the policy unfolds.


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