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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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Ontario Swelters Under Heat Dome as Storms Loom

Southern Ontario is in the grip of a punishing heat wave, with temperatures soaring into the 30s and humidex values pushing past 40°C. The intense heat, driven by warm southerly winds, has prompted widespread heat warnings across the region, including Toronto, Windsor, and Ottawa.

Overnight lows are offering little relief, keeping conditions oppressive even after sunset. Health officials are urging residents—especially those without air conditioning or with chronic health conditions—to stay hydrated, avoid strenuous activity during peak hours, and seek out cooling centres if needed.

But the heat isn’t the only concern. A cold front moving in from the west is expected to collide with the humid air mass, triggering a heightened risk of thunderstorms. Severe weather could include damaging winds, hail, and heavy rainfall, particularly near Lake Huron, eastern Ontario, and western Quebec.

As the weekend progresses, the storm threat may extend into Monday, bringing a second round of unsettled weather to kick off the workweek. Authorities are advising Ontarians to monitor local alerts and stay weather-aware.


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