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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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Ontario Braces for a Sloppy Winter Mix as Boxing Day Storm Rolls In

A pedestrian make their way through Toronto's downtown core as a winter storm starts to hit the city.

Ontario is facing a messy blend of winter weather today as a sprawling storm system sweeps across the province, bringing snow, ice pellets, and hazardous travel conditions during one of the busiest shopping days of the year.

The Greater Toronto Area is expected to see light snow develop through the afternoon before transitioning to ice pellets and freezing drizzle in the evening. While accumulations in the GTA may stay modest, the mix of precipitation is creating slick roads and reduced visibility, prompting caution for drivers heading to Boxing Day sales or returning from holiday gatherings.

Further north, communities across Central and Northern Ontario are dealing with heavier snowfall, with totals ranging from 5 to 20 centimetres depending on the region. Environment Canada has issued multiple weather advisories, warning of rapidly changing conditions and the potential for difficult travel on major highways.

Airports in Toronto, Ottawa, and Hamilton are also reporting delays as crews work to keep runways clear and manage the influx of holiday travelers.

With temperatures hovering around the freezing mark, forecasters say the precipitation type may continue to shift throughout the day, making conditions unpredictable. Residents are encouraged to monitor local alerts, allow extra time for travel, and prepare for a slippery evening commute.

Despite the storm, many Ontarians are still venturing out — but today, winter is reminding everyone who’s really in charge.


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