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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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Regulatory Warnings Ignored: Canadian Arm of China's Largest Bank Faces Scrutiny

The Canadian subsidiary of the Industrial and Commercial Bank of China (ICBC), the world's largest bank, has come under fire for repeatedly violating anti-money laundering regulations. Despite multiple warnings from Canada's financial intelligence unit, FINTRAC, the bank failed to address critical compliance issues. These included neglecting to file suspicious transaction reports and not treating high-risk activities with the required level of scrutiny.

A routine audit in 2019 revealed several administrative violations, leading to a fine of $701,250 issued in 2021. The violations highlight systemic lapses in the bank's financial crime compliance controls, raising concerns about its commitment to combating money laundering and terrorist financing.

The case underscores the importance of robust regulatory oversight and the need for financial institutions to prioritize compliance to maintain the integrity of the financial system.

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