What just happened with the Bank of Canada rates?!?!
Bank of Canada Raises Interest Rate to 2.50%: What It Means for Buyers and Sellers October 28, 2026 | Rooted in Real Estate If you’re planning to buy or sell a home, today’s interest rate announcement might have you wondering whether you should change your plans. The Bank of Canada has increased its policy interest rate by 0.25 percentage points to 2.50% . That’s a change worth paying attention to, but what it means for you depends on your mortgage, your budget and the move you’re planning. ( bankofcanada.ca ) For buyers and sellers across Durham Region, Northumberland County and the surrounding communities, here’s how I would approach it. First, 2.50% is not your mortgage rate The Bank of Canada’s policy rate influences borrowing costs, but it isn’t the rate lenders automatically offer homebuyers. Variable mortgage rates generally move with a lender’s prime rate, which is influenced by the Bank of Canada. If your lender increases prime, your variable mortgage rate will generall...
