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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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Tariff Truce, but Trade Tensions Linger

 

A temporary pause in U.S. tariffs has provided a brief respite for Canada, yet uncertainty continues to cloud North American trade relations. President Donald Trump’s decision to delay the 25% tariffs on Canadian and Mexican imports for 30 days—pending further border security and anti-drug measures—has momentarily stalled a looming trade war. However, Canadian officials and business leaders remain wary that this delay may only be a short intermission in a longer-term conflict.

Prime Minister Justin Trudeau’s government has moved quickly by announcing initiatives such as a $1.3 billion border security plan, the appointment of a “fentanyl czar,” and the deployment of additional border personnel. Despite these measures, major Canadian unions and provincial leaders warn that the threat of reimposed tariffs could still jeopardize jobs and disrupt economic stability. Industries dependent on cross-border supply chains—from energy to manufacturing—are bracing for potential price increases and operational disruptions, with investors watching market responses closely.

While financial markets showed only a modest selloff after the announcement, many remain cautious about what future negotiations might bring. The administration’s focus on curbing illegal immigration and drug trafficking has, for now, diverted immediate tariff implementation, but the possibility of renewed tariff action—potentially even extending to goods from the European Union—keeps uncertainty alive on both sides of the border.


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