The Bank of Canada makes its next rate announcement on Wednesday, October 28, 2026, at 9:45 a.m. ET. If your mortgage renews in the next year, here's what that decision can and can't change, and what to do before it lands.
2.25% Bank of Canada policy rate, held September 2 | Oct 28 next announcement, 9:45 a.m. ET |
+$366/mo illustrative: $500K, 20-yr, 3.5% vs. 2.0% | +$758/mo illustrative: same mortgage at 5.0% vs. 2.0% |
Where the Bank of Canada Stands
On September 2, the Bank of Canada held its policy rate at 2.25%. The next scheduled announcement is October 28, which will come with a Monetary Policy Report. Market expectations for what comes next are split, so this post does not try to predict it.
The Part Most Renewal Articles Skip
The policy rate mainly moves variable-rate mortgages and lines of credit. Fixed mortgage rates follow Government of Canada bond yields, which move on their own schedule, often before and after the announcement. So a "hold" on October 28 doesn't mean your fixed renewal offer stays put, and a move doesn't automatically change it either.
What a Payment Change Looks Like
Here's an illustrative example only. It uses a $500,000 balance, a 20-year remaining amortization, and Canadian semi-annual compounding. The rates shown are examples, not quotes or forecasts.
| Renewal rate (example) | Monthly payment | Change vs. 2.00% |
|---|---|---|
| 2.00% | $2,527 | n/a |
| 3.50% | $2,893 | +$366 (+14.5%) |
| 4.50% | $3,152 | +$625 (+24.7%) |
| 5.00% | $3,286 | +$758 (+30.0%) |
Your own number depends on your balance, remaining amortization and the rate you're offered. Run it with your own figures before your renewal letter arrives.
What to Do Before October 28
- Find your renewal date. Check your mortgage statement, then look out for your lender's renewal offer. You're generally free to compare it with other lenders.
- Get at least one competing quote. A broker can price the same term across several lenders.
- Work out your payment at a few rates. If a higher payment would strain your budget, deal with it now.
- Talk to your lender early if you expect to struggle. Lenders have the most options before a payment is missed.
If Payments Are Already Behind
Missed payments can lead to a notice of sale under the Mortgages Act, and the process has specific timelines and rights. Here's how power of sale works in Ontario, and you can see what we track for Durham Region.
Worried about a renewal or a payment you can't make? Contact our team and we'll walk through your options.
This article is for general information only and is not financial or legal advice. Speak with a licensed mortgage broker or a lawyer about your situation. Payment figures are illustrative and not rate quotes.
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