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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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Where to Find the Best Savings and GIC Rates in Canada This Week



Canadians looking to stretch their savings a little further still have access to competitive high‑interest savings accounts (HISAs) and guaranteed investment certificates (GICs). Digital banks continue to lead the way, offering strong returns without sacrificing security. Here’s a quick snapshot of the top rates available this week.

Highest High‑Interest Savings Account Rates

Several online‑only institutions are offering some of the most attractive HISA rates right now:

  • Saven Financial – 2.85%
  • Oaken Financial – 2.80%
  • EQ Bank – 2.75%
  • Bridgewater Bank – 2.70%
  • WealthONE Bank – 2.60%

These accounts are typically insured either federally or provincially, giving savers both flexibility and peace of mind.

Best GIC Rates This Week

For those comfortable locking in their money for a set period, GICs continue to provide reliable, guaranteed returns.

1‑Year GIC Leaders

  • Oaken Financial – 3.40%

5‑Year GIC Leaders

  • EQ Bank – 3.85%

Longer‑term GICs remain especially appealing for savers who want predictable growth without market volatility.

What This Means for Savers

  • Short‑term savers may prefer HISAs for easy access to funds.
  • Long‑term planners can secure higher returns by locking in with multi‑year GICs.
  • Digital banks continue to outperform traditional institutions in both categories.


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