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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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Trump Claims Carney Apologized Over Ontario’s Anti-Tariff Ad

United States President Donald Trump looks towards Canadian Prime Minister Mark Carney as they raise their glasses during a toast at a working dinner in Gyeongju, South Korea on Wednesday, Oct 29, 2025. 

U.S. President Donald Trump has reignited tensions in Canada-U.S. trade relations, asserting that Canadian Prime Minister Mark Carney personally apologized for an Ontario government advertisement that criticized tariffs. The ad, which aired earlier this month, featured clips of former U.S. president Ronald Reagan speaking about free trade, framing his words as an argument against tariffs.

Trump, speaking to reporters aboard Air Force One, dismissed the ad as misleading. He argued that Reagan “loved tariffs” and accused Ontario of twisting the late president’s message. According to Trump, Carney acknowledged the controversy and offered an apology during their recent meeting in Asia. “I have a very good relationship with Carney. I like him a lot, but what they did was wrong. He was very nice. He apologized for what they did with the commercial,” Trump said.

The fallout from the ad has been significant. Trump abruptly cancelled ongoing trade negotiations with Canada, citing the commercial as a key reason. He made clear that talks would not resume in the near future, despite his insistence that he maintains a cordial relationship with Carney.

The Ontario government, led by Premier Doug Ford, had defended the ad as a way to highlight the risks of tariffs for both Canadian and American consumers. The one-minute spot aired widely, including during high-profile broadcasts, and was designed to appeal directly to U.S. audiences.

While Carney has not publicly confirmed Trump’s account of an apology, his office has emphasized Canada’s willingness to return to the negotiating table “when the Americans are ready.” For now, however, the dispute underscores how quickly political messaging can spill over into international diplomacy, with economic consequences for both sides.


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