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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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Putin Pushes Back on U.S. Peace Plan, Talks Drag On

Russian President Vladimir Putin, rear centre, Russian Direct Investment Fund chief executive Special Presidential Representative for Investment and Economic Cooperation with Foreign Countries Kirill Dmitriev, right, attend the talks with US special.

Russian President Vladimir Putin has signaled that progress toward ending the war in Ukraine remains elusive, declaring that some proposals in the U.S.-backed peace plan are unacceptable to the Kremlin. His remarks followed hours of talks in Moscow with American envoys, including President Donald Trump’s special representative Steve Witkoff and adviser Jared Kushner.

Putin described the discussions as “necessary” and “useful,” but also “difficult work.” The sticking points reportedly center on territorial concessions and security guarantees for Ukraine, issues that have long divided negotiators. Washington’s plan seeks to halt years of fighting, but Moscow continues to resist terms that would require Ukraine to surrender land or rely on Western-backed security assurances.

Kremlin spokesperson Dmitry Peskov later clarified that Putin had not outright rejected the plan, but rather accepted some elements while rejecting others. He emphasized that talks will continue for as long as needed, underscoring the slow pace of diplomacy.

Meanwhile, U.S. envoys are expected to meet with Ukraine’s lead negotiator, Rustem Umerov, in an effort to bridge gaps between Kyiv and Moscow. Despite the intense shuttle diplomacy, the absence of a breakthrough highlights the deep mistrust and irreconcilable demands that still define the conflict.

The latest round of negotiations suggests that while both sides remain engaged, a comprehensive peace deal is far from imminent. For now, the war continues, and the diplomatic path forward looks set to be long and arduous.

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