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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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Ottawa Launches $13B Push for Affordable Housing Through Build Canada Homes

Prime Minister Mark Carney walks up the stairs as he tours a new modular home being built by Caivan Homes, at an announcement for the new federal agency Build Canada Homes, in Ottawa on Sunday, Sept. 14, 2025.

Prime Minister Mark Carney has unveiled Build Canada Homes, a new federal agency tasked with accelerating affordable housing construction across the country. Backed by a $13 billion budget, the agency will oversee the development of 4,000 housing units on six federally owned sites in Dartmouth, Longueuil, Ottawa, Toronto, Winnipeg, and Edmonton.

The initiative aims to tackle Canada’s housing shortage by offering financial incentives to builders, reducing upfront costs, and streamlining the permitting process. Carney emphasized that unlocking federal land for housing will help lower construction expenses, ultimately reducing rents and home prices for Canadian families.

Build Canada Homes will prioritize modern, cost-efficient building methods such as modular and mass timber construction, enabling faster year-round builds. The plan also includes a $1 billion transitional housing fund to support people at risk of homelessness, and a continued commitment to the federal rental protection program.

Former Toronto deputy mayor Ana Bailão will lead the agency, which is expected to break ground on its first projects next year. Carney described the effort as a “supercharged” approach to housing, designed to deliver homes at scale while boosting the use of Canadian-made materials.


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