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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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5 Things to Know Today: Key Money Headlines for Canadians



1. Spring Economic Update Lands Today

Finance Minister François‑Philippe Champagne tables the 2026 Spring Economic Update this afternoon, outlining Ottawa’s latest fiscal outlook and new measures aimed at supporting Canadians amid global instability.

2. Fuel Excise Tax Temporarily Suspended

Prime Minister Mark Carney has paused the federal excise tax on gas, diesel, and aviation fuel, offering short‑term relief as energy prices remain elevated due to geopolitical tensions. 

3. Canada’s First Sovereign Wealth Fund Announced

Carney has unveiled the Canada Strong Fund, the country’s first sovereign wealth fund, designed to finance major national infrastructure and economic‑building projects in partnership with the private sector. 

4. CPP & OAS Payments Arrive Today

New CPP and OAS payments are being issued today, including adjustments for seniors affected by recovery tax calculations, which are spread across monthly OAS payments. 

5. Global Instability Continues to Pressure Energy Markets

The federal update comes as global energy supply remains strained, with the U.S.–Israel conflict with Iran disrupting oil flows through the Strait of Hormuz — a key factor behind rising fuel costs. 


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