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The Fed Just Hiked Rates. Here's What It Means for Your Canadian Mortgage.

  The U.S. Federal Reserve raised its benchmark rate 25 basis points yesterday — the first hike in three years. The Bank of Canada hasn't moved. That gap is now the biggest story in Canadian personal finance. MoneySavings.ca  |  September 17, 2026  |  Canadian Money Brief Yesterday afternoon, the Federal Open Market Committee voted 12-0 to raise the U.S. federal funds rate by a quarter point, pushing it to a target range of 3.75%–4.00%. It's the Fed's first rate hike since July 2023, and Chair Kevin Warsh made clear it almost certainly won't be the last. The Bank of Canada, by contrast, has held its overnight rate at 2.25% through seven straight meetings. It doesn't decide again until October 28. For Canadians with a mortgage, a renewal coming up, or a home equity line of credit, this matters more than it might look at first glance. 3.75–4.00% New U.S. Fed Rate 2.25% Bank of Canada Rate 1.625% Rate Gap (vs. 1.375% yesterday) ~71.5¢ Loonie (post-hike low) What th...
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Ontario Faces Major Winter Storm: Heavy Snow and Fierce Winds Set to Disrupt Travel

 

A person crosses the street in a spring snow storm in downtown Toronto, on Wednesday, April 2, 2025.

Ontario is bracing for a powerful winter storm this week, with heavy snowfall and strong winds expected to disrupt travel and daily routines across multiple regions.

Winter Storm Targets Ontario

  • Northern and central Ontario could see snowfall totals reaching 30 to 60 cm, with snowfall rates up to 4 cm per hour, creating near-zero visibility and dangerous driving conditions.
  • Southern Ontario snowbelt regions near Lake Huron and Georgian Bay may experience 20–40+ cm of snow from multi-day squalls, combined with gusty winds up to 60 km/h.
  • The Greater Toronto Area (GTA) is forecast to avoid major accumulations, but winds reaching 90 km/h could still cause blowing snow and reduced visibility.

What Residents Should Expect

  • Hazardous travel and possible road closures in northern communities.
  • Whiteout conditions and drifting snow in southern snowbelt areas.
  • Strong winds across central and southern Ontario, with potential power outages.

Officials are urging residents to prepare by stocking essentials, avoiding non-essential travel, and staying alert to weather updates as the storm intensifies.


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