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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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Canada’s Rental Market Cools Further as Asking Rents Dip to $2,121 in July

 


Rental Prices Continue to Slide Across Canada

Canada’s rental market saw another month of cooling in July, with the national average asking rent dropping to $2,121, marking a 3.6% decline year-over-year—the largest annual drop recorded in 2025 so far. This marks the tenth consecutive month of annual decreases, signaling a prolonged softening phase in rental demand.

While rents held relatively steady compared to June, the downward trend was evident across most property types:

  • Purpose-built apartments: down 1.7% to $2,095
  • Condo apartments: down 5.7% to $2,202
  • Houses and townhomes: down 8.2% to $2,170

Regional Highlights

  • Nova Scotia led the decline with a 5% drop to $2,275
  • British Columbia followed with a 4.4% decrease to $2,475
  • Ontario rents fell 3% to $2,325
  • Saskatchewan, however, bucked the trend with a 4% increase to $1,384, remaining the most affordable province

Major Cities

  • Calgary saw the steepest drop among major cities at 7.9%, with average rents at $1,927
  • Vancouver rents fell 7% to $2,830
  • Toronto experienced a 4.7% decline to $2,587
  • Montreal dipped 2.3% to $1,966

Despite the recent slowdown, rents remain 2% higher than two years ago and 11% above levels from three years ago, suggesting long-term growth remains intact.


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