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Fixed vs. Variable Mortgages in Canada: Which Should You Choose Right Now?

  Mortgages | Personal Finance | June 2026 Variable rates sit at 3.30% while fixed rates have climbed above 4%. The Bank of Canada is frozen between inflation and recession. Here's what that means for your mortgage decision today. By MoneySavings.ca Staff  |   June 26, 2026 📊 Today's Best Mortgage Rates — June 26, 2026 Type Term Lowest Rate (Broker) Big Bank Range Variable 5-Year ~3.30% ~3.50–4.00% Fixed (Insured) 5-Year ~4.04% ~4.50–5.20% Fixed (Conventional) 5-Year ~3.94% Higher Bank of Canada Policy Rate 2.25%  |  Prime Rate: 4.45% Sources: NerdWallet Canada, Ratehub.ca, WOWA.ca, bestrates.ca. Rates as of June 26, 2026. Broker rates require qualification; Big Bank rates are estimates. Your actual rate depends on your credit score, down payment, and mortgage type. If you're buying a home, renewing a mortgage, or simply trying to make sense of an unusually complex rate environment, you've arrived at the right question at a complicated moment. The Canadian...

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Carney Warned Ford Against Anti-Tariff Ad That Sparked U.S. Trade Rift

 


Prime Minister Mark Carney revealed that he had cautioned Ontario Premier Doug Ford against launching the controversial anti-tariff advertising campaign that has since been blamed for derailing trade talks with the United States. Speaking at the close of his nine-day trip to Asia, Carney confirmed that he explicitly told Ford he did not believe the ads should run, warning of potential diplomatic fallout.

The ads, which featured archival clips of former U.S. President Ronald Reagan criticizing tariffs, aired widely in American markets and quickly drew the ire of President Donald Trump. The U.S. president responded by abruptly halting negotiations, citing the Ontario government’s campaign as a direct provocation.

Carney acknowledged that he later apologized to Trump during a dinner hosted by South Korea’s president at the Asia-Pacific Economic Cooperation forum. “I’m the one who is responsible, in my role as prime minister, for the relationship with the president of the U.S.,” Carney said, adding that Trump was “offended” by the ad and that it was his duty to smooth over tensions.

Ford, however, has stood firm in defending the campaign, calling it a necessary pushback against what he views as unfair trade measures targeting Ontario’s industries. He has vowed not to apologize, insisting the ads were effective in drawing attention to the province’s concerns.

The clash underscores a widening rift between the federal and provincial governments over how best to handle trade relations with Washington. While Carney has emphasized diplomacy and maintaining constructive ties, Ford has leaned into a more confrontational approach, framing the ads as a defense of Ontario jobs.

With trade talks now stalled, the fallout from the ad campaign continues to cast uncertainty over Canada-U.S. economic relations. Whether Carney’s diplomatic overtures will be enough to bring Trump back to the negotiating table remains unclear.


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