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5 Things to Know Today: BoC Holds, Housing Forecast Cut, Fixed-Rate Squeeze (July 17, 2026)

  July 17, 2026 Rates held, home sales forecasts got trimmed again, and fixed-rate mortgage shoppers are feeling the pinch of a wider gap versus variable. Here's what actually moves your money today. 1. The Bank of Canada held its rate at 2.25% — for the sixth straight time The central bank kept its overnight rate unchanged on Wednesday, exactly as economists expected, while trimming its 2026 growth outlook. Policymakers flagged that inflation is gradually cooling but said lingering geopolitical risk and U.S. trade uncertainty keep them cautious about moving in either direction. The next scheduled decision is September 2. What it means for you: Prime rate stays at 4.45%, so variable mortgages, HELOCs, and lines of credit don't move this month. If you're on a variable rate, your payment is unchanged. Savings account and GIC rates aren't likely to shift much either. 2. CREA cut its 2026 home sales forecast again — now expecting a decline The Canadian Real Estate Associat...
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Ontario Cancels $100M Starlink Deal Amid Escalating Trade Tensions

 

Ontario Premier Doug Ford has announced the cancellation of a $100-million contract with Elon Musk’s Starlink satellite internet service, a move aimed squarely at countering U.S. tariffs on Canadian goods. The contract—signed last November as part of Ontario’s initiative to deliver high-speed internet to 15,000 remote and rural premises—will now be scrapped amid a broader decision to ban American companies from provincial contracts until the tariffs are removed. 

Ford emphatically stated on social media that Ontario “won’t do business with people hellbent on destroying our economy,” attributing the policy shift to President Trump’s tariff actions. He warned that U.S.-based businesses could lose “tens of billions of dollars” in new revenue as a result. This decisive step is just one element of Ontario’s wider strategy to respond to the escalating trade dispute, which has already seen retaliatory tariffs imposed by both Canada and the United States. 

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