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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 Weighs Submarine Future as Germany and Norway Push Joint Deal

German submarines, seen here at a German navy base in 2016, are among the country's main arms exports


Germany and Norway have launched a coordinated diplomatic effort in Ottawa to persuade Canada to join their joint submarine program, as the federal government narrows its options for replacing the Royal Canadian Navy’s aging Victoria-class fleet.

German Defence Minister Boris Pistorius and his Norwegian counterpart Tore Sandvik met with Canadian officials this week, pitching the benefits of a trilateral partnership. They argued that Canada’s participation would allow the three NATO allies to pool shipyard resources, share parts and logistics, and even coordinate training and deployments across the Atlantic and into the Indo-Pacific.

Canada is currently considering proposals from Germany’s ThyssenKrupp Marine Systems and South Korea’s Hanwha Ocean Co. for its next generation of submarines, with the first delivery expected by 2035. German and Norwegian officials stressed that joining their existing program would not only strengthen NATO’s collective maritime security but also streamline costs and ensure interoperability among allies.

The submarine procurement is one of Canada’s most significant defence investments in decades, with billions of dollars at stake and long-term implications for the country’s role in Arctic and North Atlantic security.


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