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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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The U.S. labor market showed fresh signs of strain in August, with employers adding just 22,000 jobs, far below economists’ forecasts of 75,000. The disappointing figures, released by the Labor Department, mark one of the weakest monthly gains in recent years and reinforce concerns that the economy is losing momentum.

The unemployment rate ticked up to 4.3%, from 4.2% in July, as hiring slowed across multiple sectors. Analysts point to ongoing trade tensions, shifting immigration policies, and broader economic uncertainty as key factors weighing on business confidence and recruitment plans.

The report follows a string of weak labor data, including downward revisions to earlier months that erased hundreds of thousands of previously reported job gains. With payroll growth averaging just 35,000 per month since May, economists warn the slowdown could pressure the Federal Reserve to cut interest rates at its September meeting.

While stock markets have remained resilient on hopes of monetary easing, the latest jobs report underscores the fragility of the labor market — and raises questions about whether the U.S. can avoid a deeper economic downturn in the months ahead.


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