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The Fed Just Hiked Rates. Here's What It Means for Your Canadian Mortgage.

  The U.S. Federal Reserve raised its benchmark rate 25 basis points yesterday — the first hike in three years. The Bank of Canada hasn't moved. That gap is now the biggest story in Canadian personal finance. MoneySavings.ca  |  September 17, 2026  |  Canadian Money Brief Yesterday afternoon, the Federal Open Market Committee voted 12-0 to raise the U.S. federal funds rate by a quarter point, pushing it to a target range of 3.75%–4.00%. It's the Fed's first rate hike since July 2023, and Chair Kevin Warsh made clear it almost certainly won't be the last. The Bank of Canada, by contrast, has held its overnight rate at 2.25% through seven straight meetings. It doesn't decide again until October 28. For Canadians with a mortgage, a renewal coming up, or a home equity line of credit, this matters more than it might look at first glance. 3.75–4.00% New U.S. Fed Rate 2.25% Bank of Canada Rate 1.625% Rate Gap (vs. 1.375% yesterday) ~71.5¢ Loonie (post-hike low) What th...
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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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