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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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Mark Carney's Resounding Victory: A New Era for the Liberal Party


Mark Carney has been elected as the new leader of the Liberal Party in a decisive landslide victory, capturing nearly 86% of the vote. This marks a significant moment in Canadian politics, as Carney, a former governor of the Bank of Canada and the Bank of England, steps into the political spotlight with a strong mandate from his party.

Carney's leadership comes at a pivotal time, with the Liberal Party gearing up for an anticipated federal election. His economic expertise and fresh perspective are seen as key assets in addressing Canada's pressing challenges. In his victory speech, Carney emphasized the need for bold changes guided by Canadian values, signaling a shift in the party's direction.

Outgoing Prime Minister Justin Trudeau has pledged to assist with the transition, while Carney prepares to appoint his cabinet and outline his vision for the country's future. The political landscape is set for a dynamic shift as Carney takes the helm of the Liberal Party.

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