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Fixed vs. Variable Mortgages in Canada: Which Should You Choose Right Now?

  Mortgages | Personal Finance | June 2026 Variable rates sit at 3.30% while fixed rates have climbed above 4%. The Bank of Canada is frozen between inflation and recession. Here's what that means for your mortgage decision today. By MoneySavings.ca Staff  |   June 26, 2026 📊 Today's Best Mortgage Rates — June 26, 2026 Type Term Lowest Rate (Broker) Big Bank Range Variable 5-Year ~3.30% ~3.50–4.00% Fixed (Insured) 5-Year ~4.04% ~4.50–5.20% Fixed (Conventional) 5-Year ~3.94% Higher Bank of Canada Policy Rate 2.25%  |  Prime Rate: 4.45% Sources: NerdWallet Canada, Ratehub.ca, WOWA.ca, bestrates.ca. Rates as of June 26, 2026. Broker rates require qualification; Big Bank rates are estimates. Your actual rate depends on your credit score, down payment, and mortgage type. If you're buying a home, renewing a mortgage, or simply trying to make sense of an unusually complex rate environment, you've arrived at the right question at a complicated moment. The Canadian...

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Canada Strengthens Border Security: Appoints Fentanyl Czar and Pledges $1.3B Investment in Exchange for 30-Day Tariff Pause

 

In a bid to defuse escalating trade tensions, Canadian Prime Minister Justin Trudeau announced a series of robust border security measures after a productive phone call with U.S. President Donald Trump. As part of a deal that has paused the imposition of 25% tariffs for 30 days, Trudeau revealed plans to invest C$1.3 billion in enhancing border defenses. This multifaceted plan includes the appointment of a “fentanyl czar” to spearhead the fight against drug smuggling, the listing of cartels as terrorist organizations, and the launch of a Canada–U.S. Joint Strike Force to combat organized crime and money laundering.

Trudeau’s commitment also extends to deploying nearly 10,000 frontline personnel to monitor and secure the northern border. The temporary reprieve, secured through a series of high-level negotiations, is intended to provide both nations with additional time to negotiate a longer-term economic deal. This move comes amid a broader U.S. strategy to curb illegal immigration and the flow of deadly opioids like fentanyl, measures that have sparked a mix of relief and strategic recalibrations on both sides of the border.

The decision to delay tariffs for a month reflects the complex balance between national security concerns and the economic interdependence that defines the U.S.-Canada relationship. While the pause gives Canadian industries crucial time to adjust, Trudeau’s sweeping security initiatives underscore Canada’s determination to protect its borders and its economy against the backdrop of an increasingly turbulent international trade environment.


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