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Bank of Canada Says More Rate Hikes Could Be Coming: What It Means for Your Mortgage and HELOC

  Canadian Money Brief  |  November 11, 2026 Bank of Canada Says More Rate Hikes Could Be Coming: What It Means for Your Mortgage and HELOC By the MoneySavings.ca team  •  6 min read The Bank of Canada raised its key rate on October 28, the first increase since 2023. Yesterday it signalled it may not be done. The summary of deliberations, released Tuesday, says Governing Council agreed there could be a need to raise the policy rate further, while taking decisions one meeting at a time. If you carry a variable-rate mortgage or a home equity line of credit (HELOC), that is a headline worth a few minutes. Here is what the Bank said, what another hike would cost, and what you can do before the next decision on December 9 . 2.50% Policy rate since Oct 28 4.70% Big-bank prime since Oct 29 3.5% BoC CPI forecast, end of 2026 Dec 9 Next rate decision What the Bank actually said The core of the story is energy. The Bank notes that the war in the Middle East is in its eig...
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Manufacturing Slump Drags Canadian Economy into April Contraction

Canada’s economy contracted by 0.1% in April, according to Statistics Canada, marking a sharper-than-expected slowdown driven by widespread declines in the manufacturing sector.

Economists had anticipated flat growth for the month, but the downturn reflects mounting pressure across key industries. The manufacturing pullback was particularly notable, with sectors exposed to global trade tensions and tariffs bearing the brunt. This follows a modest 0.1% GDP increase in March, suggesting a reversal in momentum.

The data also casts a shadow over May, with preliminary estimates pointing to another month of contraction. Analysts are now watching closely for the Bank of Canada’s next move, as speculation grows around a potential rate cut amid signs of economic softening.

While the decline is modest, it underscores the fragility of Canada’s recovery and the growing impact of external pressures on domestic output.

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