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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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Lake-Effect Snow Squalls Grip Southern Ontario After Early Winter Blast


Southern Ontario is bracing for another round of wintry weather as potent snow squalls develop in the wake of a weekend storm. Following widespread snowfall that blanketed the region on Sunday—Toronto recorded its earliest 5+ cm accumulation in over half a century—Arctic air sweeping across the Great Lakes is igniting lake-effect snow bands off Lake Huron and Georgian Bay.

Meteorologists warn that while the heaviest snow will remain confined to traditional snowbelt regions, flurries could drift into the Greater Toronto Area by late Monday, creating unpredictable conditions. Snow squalls are notorious for producing rapidly changing visibility and treacherous roadways over short distances, making travel hazardous for commuters and holiday travelers alike.

In London, Ontario, residents saw 10 cm of snow over the weekend, with forecasts suggesting localized totals could reach up to 35 cm in squall-prone areas. Environment Canada cautions that near-zero visibility and blowing snow are possible, especially as strong northerly winds funnel moisture inland.

This early-season blast has already set records. Toronto’s snowfall marked the earliest November accumulation of 10 cm in more than 50 years, underscoring the unusual nature of this event. While the system itself has moved on, the lingering lake-effect dynamics will keep southern Ontario under winter’s grip until at least Tuesday, when conditions are expected to ease.

For residents, the message is clear: be prepared for sudden weather changes, allow extra travel time, and exercise caution on the roads. Winter may still be weeks away on the calendar, but southern Ontario is already experiencing its icy preview.


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