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BoC Opens the Door to Rate Hikes: What It Means for Your Mortgage

  Published September 4, 2026 The Bank of Canada held its policy rate at 2.25% on September 2 — the seventh straight hold — but Governor Tiff Macklem didn't sound like a central banker done for the year. He told reporters the Bank is "prepared to raise interest rates, and if it takes more than one increase, we're prepared to do that," if inflation stays too high. That's a real shift in tone, and it lands right as a wave of Canadians hit their mortgage renewal date. Here's what changed, who's forecasting what, and what it actually means for your payment. Why the Bank Suddenly Sounds Hawkish Canada's annual inflation rate has climbed to around 3% — a full point above the Bank's 2% target — and the Bank is pointing squarely at energy prices. Oil has stayed elevated because of the Iran conflict and disruption near the Strait of Hormuz, pushing gas prices up and dragging headline CPI with it. Core inflation, which strips out food and energy, is still s...
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Scorching Start to Summer: Heat Warnings Blanket Ontario and Quebe


Environment Canada has issued its first major heat warning of the season, with parts of Ontario and Quebec bracing for a stretch of dangerously high temperatures. The alert, released Saturday, covers southern and eastern Ontario—including Toronto and Windsor—as well as southern and western Quebec.

Daytime highs are expected to soar between 31°C and 36°C, with humidex values pushing the perceived temperature to a sweltering 40°C to 50°C. The heat is forecast to intensify through Monday and Tuesday, with overnight lows offering little relief, staying above 20°C.

A cold front may bring some respite by late Tuesday, though its reach remains uncertain. If it stalls, the extreme heat could linger into Wednesday, particularly in southwestern Ontario.

Authorities are urging residents to stay hydrated, avoid strenuous outdoor activity during peak heat hours, and check on vulnerable individuals. Health Canada warns that symptoms like dizziness, rapid heartbeat, or confusion could signal heat exhaustion or heat stroke—conditions that require immediate attention.

This early-season heat wave is part of a broader trend, as climate change continues to drive more frequent and intense weather extremes across Canada.

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