On October 28, 2026, the Bank of Canada raised its policy rate from 2.25% to 2.50% — the first increase since 2023. If your variable rate follows prime, here's what a 0.25% move does to a payment.
Illustration only — not a rate quote or an offer. Payments are calculated with the standard Canadian mortgage formula (nominal rate compounded semi-annually) on the balance and amortization shown, assuming the full balance is re-amortized at the new rate. On a real variable-rate mortgage, some lenders adjust your payment when prime moves and others adjust your amortization instead — check your mortgage agreement or ask us.
Posted rates are a starting point. Rates are sometimes negotiable, and we work with multiple lenders with different and sometimes more competitive products. Contact us and we'll shop across lenders for you.
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