{"id":214,"date":"2026-06-03T22:14:12","date_gmt":"2026-06-03T22:14:12","guid":{"rendered":"https:\/\/donemortgage.ca\/blogs\/?p=214"},"modified":"2026-08-21T20:24:11","modified_gmt":"2026-08-21T20:24:11","slug":"bank-of-canada-rate-decision","status":"publish","type":"post","link":"https:\/\/www.donemortgage.ca\/blogs\/bank-of-canada-rate-decision\/","title":{"rendered":"Bank of Canada Rate Decision 2026: How It Impacts Your Mortgage"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Current Rate Snapshot \u2014 August 2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Bank of Canada\u2019s target for the overnight rate is 2.25%. The Bank held the rate again on July 15, 2026 \u2014 its sixth consecutive hold since the October 2025 cut. The next scheduled rate announcement is September 2, 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Bank of Canada rate announcements are some of the most closely watched events in the Canadian mortgage market. Whether you\u2019re buying a home, renewing a mortgage, refinancing, or simply trying to understand where rates are headed, these decisions can influence your borrowing costs and financial planning.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, many Canadians misunderstand what the Bank of Canada actually controls and how quickly mortgage rates respond. A Bank of Canada announcement doesn\u2019t automatically mean mortgage rates change overnight.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s what borrowers should know about Bank of Canada rate decisions and how they can impact your mortgage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is a Bank of Canada rate decision?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A <strong>Bank of Canada rate decision<\/strong> is when Canada\u2019s central bank announces whether it will increase, decrease, or hold its target overnight rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The overnight rate is the interest rate financial institutions use when lending money to one another for short periods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While consumers don\u2019t borrow directly at this rate, it influences:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Prime lending rates<\/li>\n\n\n\n<li>Variable mortgage rates<\/li>\n\n\n\n<li>Home equity lines of credit (HELOCs)<\/li>\n\n\n\n<li>Personal lines of credit<\/li>\n\n\n\n<li>Business borrowing costs<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This is why every Bank of Canada announcement receives significant attention from homeowners, buyers, lenders, and investors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What does the Bank of Canada actually control?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the biggest misconceptions is that the Bank of Canada directly controls all mortgage rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It doesn\u2019t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Bank of Canada primarily controls:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The overnight lending rate<\/li>\n\n\n\n<li>Monetary policy<\/li>\n\n\n\n<li>Inflation management<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Variable mortgage rates are heavily influenced by these decisions because lenders often adjust their prime lending rates after a change to the overnight rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fixed mortgage rates work differently.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fixed mortgage pricing is largely influenced by:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Government of Canada bond yields<\/li>\n\n\n\n<li>Inflation expectations<\/li>\n\n\n\n<li>Economic growth forecasts<\/li>\n\n\n\n<li>Global financial markets<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This explains why fixed rates sometimes rise even when the Bank of Canada is cutting rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bank of Canada announcement schedule<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For the remainder of 2026, the scheduled announcement dates are September 2, October 28 and December 9. The July 15 decision left the policy rate unchanged at 2.25%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Bank of Canada typically announces rate decisions eight times per year on a predetermined schedule.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These announcement dates are published well in advance and become key milestones for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Home buyers<\/li>\n\n\n\n<li>Mortgage renewals<\/li>\n\n\n\n<li>Real estate professionals<\/li>\n\n\n\n<li>Financial markets<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In the weeks leading up to each announcement, economists, lenders, and investors analyze economic data to predict the Bank\u2019s next move.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets often begin pricing in expected decisions before the official announcement occurs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why mortgage rates don\u2019t move instantly<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many borrowers expect mortgage rates to change the moment the Bank of Canada makes an announcement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In reality, the process is more complicated.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>For variable-rate mortgages<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If the Bank of Canada changes the overnight rate, lenders typically review their prime rates shortly afterward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most major lenders respond within days, though timing can vary.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If prime rates change:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Variable mortgage rates may change<\/li>\n\n\n\n<li>HELOC rates may change<\/li>\n\n\n\n<li>Line of credit rates may change<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>For fixed-rate mortgages<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Fixed mortgage rates don\u2019t automatically follow Bank of Canada announcements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Instead, they react primarily to bond markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In many cases:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bond yields move before the announcement<\/li>\n\n\n\n<li>Markets price expectations in advance<\/li>\n\n\n\n<li>Fixed rates may already reflect expected changes<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This is why some borrowers are surprised when fixed mortgage rates barely move after a major Bank of Canada decision.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How lenders react after a Bank of Canada rate decision<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Following a Bank of Canada announcement, lenders assess:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Economic outlook<\/li>\n\n\n\n<li>Inflation trends<\/li>\n\n\n\n<li>Bond market activity<\/li>\n\n\n\n<li>Competitive pressures<\/li>\n\n\n\n<li>Funding costs<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Some lenders react immediately.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Others wait to see how broader markets respond.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means borrowers can occasionally see slight differences between lenders in the days following a major announcement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mortgage pricing isn\u2019t always uniform across the industry.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Bank of Canada rate decisions affect mortgage renewals<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If your mortgage renewal is approaching, Bank of Canada announcements become particularly important.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Renewing borrowers should pay close attention because:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Variable mortgage pricing may change<\/li>\n\n\n\n<li>Fixed rates can shift based on bond yields<\/li>\n\n\n\n<li>Lender promotions may change<\/li>\n\n\n\n<li>Rate holds can become valuable<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Many borrowers make the mistake of waiting until the last minute.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shopping early gives you:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>More lender options<\/li>\n\n\n\n<li>More negotiating power<\/li>\n\n\n\n<li>Potential rate protection<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In many cases, lenders can hold rates for up to 120 days.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Bank of Canada rate decisions affect home buyers<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For home buyers, rate decisions can influence both affordability and qualification.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Lower rates may:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Improve affordability<\/li>\n\n\n\n<li>Reduce monthly payments<\/li>\n\n\n\n<li>Increase purchasing power<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Higher rates may:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reduce borrowing capacity<\/li>\n\n\n\n<li>Increase qualification challenges<\/li>\n\n\n\n<li>Raise monthly payment costs<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">However, interest rates are only one piece of the affordability puzzle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Home prices, income, debt levels, and the mortgage stress test also play major roles in determining what buyers can afford.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bank of Canada Moves Are Not the Only Qualification Constraint<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Even when the Bank of Canada holds or cuts rates, mortgage qualification can still be affected by lender and regulatory rules that operate separately from monetary policy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For uninsured mortgages, OSFI requires federally regulated lenders to manage the volume of new originations above a 4.5\u00d7 loan-to-income ratio. This is a portfolio-level limit, not a hard 4.5\u00d7 cap on every individual borrower. That means a buyer can benefit from stable or lower rates and still encounter lender-specific qualification constraints.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is one reason borrowers should not assume a Bank of Canada hold automatically translates into a larger approval amount.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OSFI reference: <a href=\"https:\/\/www.osfi-bsif.gc.ca\/en\/supervision\/financial-institutions\/banks\/loan-income-limits-uninsured-mortgage-portfolios\" target=\"_blank\" rel=\"noopener\">Loan-to-income limits for uninsured mortgage portfolios<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What borrowers should do before a Bank of Canada rate decision<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. Review your mortgage timeline<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ask yourself:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Are you buying soon?<\/li>\n\n\n\n<li>Renewing soon?<\/li>\n\n\n\n<li>Refinancing soon?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Your timeline determines how much impact a rate decision may have on your plans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Get pre-approved<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A mortgage pre-approval can often secure a rate hold for up to 120 days.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This protects buyers if rates rise after an announcement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even if rates decline later, many lenders allow borrowers to access lower rates before closing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Understand both fixed and variable options<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Many borrowers focus entirely on predicting the next Bank of Canada move.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Instead, compare:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fixed-rate stability<\/li>\n\n\n\n<li>Variable-rate flexibility<\/li>\n\n\n\n<li>Your risk tolerance<\/li>\n\n\n\n<li>Your long-term plans<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The lowest rate isn\u2019t always the best strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What borrowers should do after a Bank of Canada rate decision<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Review available rates<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Don\u2019t assume your current lender offers the best option.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Compare:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Major banks<\/li>\n\n\n\n<li>Monoline lenders<\/li>\n\n\n\n<li>Credit unions<\/li>\n\n\n\n<li>Mortgage broker channels<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Reassess your mortgage strategy<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If rates changed significantly, it may be worth reviewing:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Renewal options<\/li>\n\n\n\n<li>Refinancing opportunities<\/li>\n\n\n\n<li>Debt consolidation strategies<\/li>\n\n\n\n<li>Payment structures<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Avoid emotional decisions<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">One announcement rarely changes everything.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mortgage decisions should be based on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Long-term affordability<\/li>\n\n\n\n<li>Financial goals<\/li>\n\n\n\n<li>Risk tolerance<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Not just headlines.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Common misconceptions about Bank of Canada rate decisions<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u201cFixed mortgage rates always follow Bank of Canada announcements.\u201d<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">False.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fixed mortgage rates are primarily influenced by bond yields.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u201cA rate cut automatically lowers my mortgage payment.\u201d<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Not always.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It depends on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mortgage type<\/li>\n\n\n\n<li>Lender structure<\/li>\n\n\n\n<li>Payment terms<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u201cI should always wait for the next announcement.\u201d<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Not necessarily.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Waiting can backfire if:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rates rise unexpectedly<\/li>\n\n\n\n<li>Home prices increase<\/li>\n\n\n\n<li>Desired properties sell<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u201cOne rate decision changes the housing market.\u201d<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Rarely.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Housing markets are influenced by:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Supply<\/li>\n\n\n\n<li>Demand<\/li>\n\n\n\n<li>Employment<\/li>\n\n\n\n<li>Population growth<\/li>\n\n\n\n<li>Consumer confidence<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Rate decisions are important, but they\u2019re only one factor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>FAQ<\/strong><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1787343739705\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">What is the Bank of Canada\u2019s current interest rate?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The Bank of Canada\u2019s target for the overnight rate is 2.25% as of August 2026. The Bank held that rate at its July 15 meeting.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1787343755725\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">When is the next Bank of Canada announcement?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The next scheduled Bank of Canada interest-rate announcement is September 2, 2026.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1787343765731\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>Should I lock in my mortgage rate before a Bank of Canada announcement?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>If you\u2019re buying or renewing within the next few months, securing a rate hold can provide protection against potential increases while preserving flexibility if rates improve.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1787343786910\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>How quickly do lenders react after a Bank of Canada rate decision?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Many lenders adjust prime rates within a few days, though timing can vary.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1787343799867\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>Do fixed mortgage rates always change after an announcement?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>No. Fixed rates are influenced more by bond markets than by the overnight rate itself.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1787343815336\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>Can a rate cut help me qualify for a larger mortgage?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Potentially, yes. Lower borrowing costs may improve affordability and qualification amounts, depending on your financial profile.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1787343828956\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>How often does the Bank of Canada announce rates?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The Bank of Canada typically makes eight scheduled rate announcements each year.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong>Final thoughts<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A <strong>Bank of Canada rate decision<\/strong> can have a meaningful impact on mortgage borrowing costs, but understanding how that impact flows through the financial system is essential.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Variable-rate borrowers typically feel changes first, while fixed-rate borrowers often see rates move based on bond market expectations rather than the announcement itself.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whether you\u2019re buying, renewing, or refinancing, staying informed about Bank of Canada decisions can help you make smarter mortgage choices and avoid costly mistakes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The most successful borrowers aren\u2019t necessarily the ones who predict rate movements perfectly\u2014they\u2019re the ones who prepare for multiple scenarios and build a mortgage strategy that works regardless of what the next announcement brings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Content structure and tone were developed using the educational, consumer-focused style reflected in the provided Ratehub reference material.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Important Info<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.donemortgage.ca\/blogs\/fixed-vs-variable-mortgage\/\">Fixed vs Variable Mortgage<br><\/a><a href=\"https:\/\/www.donemortgage.ca\/blogs\/first-time-home-buyer-in-ontario-programs-down-payment-and-closing-costs\/\">First-Time Home Buyer in Ontario: Programs, Down Payment and Closing Costs<br><\/a><a href=\"https:\/\/www.bankofcanada.ca\/core-functions\/monetary-policy\/key-interest-rate\/\" target=\"_blank\" rel=\"noopener\">Bank of Canada<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.bankofcanada.ca\/core-functions\/monetary-policy\/key-interest-rate\/\" target=\"_blank\" rel=\"noopener\">Bank of Canada Interest Rate Announcements&nbsp;<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.cmhc-schl.gc.ca\/\" target=\"_blank\" rel=\"noopener\">CMHC Mortgage Resources&nbsp;<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.canada.ca\/\" target=\"_blank\" rel=\"noopener\">Government of Canada Financial Consumer Resources<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Updated Sources<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.bankofcanada.ca\/2026\/07\/fad-press-release-2026-07-15\/\" target=\"_blank\" rel=\"noopener\">Bank of Canada \u2014 July 15, 2026 Rate Decision<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.bankofcanada.ca\/core-functions\/monetary-policy\/key-interest-rate\/\" target=\"_blank\" rel=\"noopener\">Bank of Canada \u2014 2026 Interest Rate Schedule<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.osfi-bsif.gc.ca\/en\/supervision\/financial-institutions\/banks\/loan-income-limits-uninsured-mortgage-portfolios\" target=\"_blank\" rel=\"noopener\">OSFI \u2014 Loan-to-Income Limits for Uninsured Mortgage Portfolios<\/a><\/p>\n\n\n        <div class=\"rttpg-block-postgrid rttpg-block-wrapper rttpg-block-b1548f tpg-filter-type-dropdown meta-visibility-show section-title-style-style1 img_hover_animation_default title-default title_position_default title_hover_border_default meta_position_default tpg-is-author-icon-default author-image-visibility-icon tpg-category-position-default readmore-btn-default-style grid-hover-overlay-type-always grid-hover-overlay-height-default hover-overlay-height-default tpg-title-border-default filter-nex-prev-btn-visible tpg-cat-style1 slider-scroll-hide act-label-style-inline\">\n            <div class=\"rt-container-fluid rt-tpg-container tpg-el-main-wrapper tpg-gutenberg clearfix grid-layout1-main\"\n                 id=\"rt-tpg-container-3191243305\"\n                 data-layout=\"grid-layout1\"\n                 data-grid-style=\"tpg-full-height\" data-sc-id=\"elementor\"\n                 data-el-settings=''\n                 data-el-query=''\n                 data-el-path=''>\n\t\t\t\t                <div class='tpg-header-wrapper '>\n\t\t\t\t\t\n        <div class=\"tpg-widget-heading-wrapper rt-clear heading-style1 \">\n            <span class=\"tpg-widget-heading-line line-left\"><\/span>\n\t\t\t<h2 class='tpg-widget-heading'>\n\t\t\t            <a href=\"#\"  >\n\t\t\t\t\n\t\t\t\t                    <span>\n\t\t\t\t\t\tBlog\t\t\t\t\t<\/span>\n\t\t\t\t\t\n\t\t\t\t            <\/a>\n\n\t\t\t\t\t<\/h2>            <span class=\"tpg-widget-heading-line line-right\"><\/span>\n\n\t\t\t\n        <\/div>\n\n\t\t\n\t\t                <\/div>\n\n                <div class=\"rt-row rt-content-loader gutenberg-inner grid-layout1 grid-behaviour tpg-full-height grid_layout_wrapper\">\n\t\t\t\t\t\n<div class=\"rt-col-md-4 rt-col-sm-6 rt-col-xs-12 default rt-grid-item post-326 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized\"\t\tdata-id=\"326\">\n\t<div class=\"rt-holder tpg-post-holder \">\n\t\t<div class=\"rt-detail rt-el-content-wrapper\">\n\t\t\t\t\t\t\t<div class=\"rt-img-holder tpg-el-image-wrap has-thumbnail\">\n\t\t\t\t\t<a data-id=\"326\" href=\"https:\/\/www.donemortgage.ca\/blogs\/refinance-vs-heloc-vs-second-mortgage\/\" class=\"tpg-post-link\" target=\"_self\">                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/09\/home_equity_blog_banner_v2.png\" class=\"rt-img-responsive\" width=\"768\" height=\"403\" alt=\"Refinance vs HELOC vs second mortgage comparison for Canadian homeowners\" title=\"\">\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t<\/a>\n\t\t        <div class=\"overlay grid-hover-content\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"entry-title-wrapper\"><h3 class=\"entry-title\"><a data-id=\"326\" href=\"https:\/\/www.donemortgage.ca\/blogs\/refinance-vs-heloc-vs-second-mortgage\/\" class=\"tpg-post-link\" target=\"_self\">Refinance vs HELOC vs Second Mortgage: Which Home Equity Option Actually Fits Your Situation?<\/a><\/h3><\/div>\n\t\t\t\n\t\t\t\t<div class=\"post-meta-tags rt-el-post-meta\">\n\t\t\t\t\t            <span class=\"author \">\n\n\t\t\t\t<i class=\"fa fa-user \"><\/i><span class=\"author-prefix\">By<\/span><a href=\"https:\/\/www.donemortgage.ca\/blogs\/author\/donemortgage_blogs\/\">Swati Malik<\/a>\t\t\t<\/span>\n\t\t\t            <span class=\"categories-links\">\n\t\t\t\t<i class=\"fas fa-folder-open \"><\/i><a class=\"uncategorized\" href=\"https:\/\/www.donemortgage.ca\/blogs\/category\/uncategorized\/\">Uncategorized<\/a>\t\t\t<\/span>\n\t\t\t            <span class=\"date\">\n\t\t\t\t<i class=\"far fa-calendar-alt \"><\/i>\t\t\t\t                    <a href=\"https:\/\/www.donemortgage.ca\/blogs\/2026\/09\/14\/\">\n\t\t\t\t\tSeptember 14, 2026\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t<div class=\"tpg-excerpt tpg-el-excerpt\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt-inner\">\n\t\t\t\t\t\t\tQuick answerA refinance replaces or restructures the existing mortgage. A HELOC gives revolving&#8230;\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t        <div class=\"post-footer\">\n            <div class=\"post-footer\">\n                <div class=\"read-more\">\n\t\t\t\t\t<a data-id=\"326\" href=\"https:\/\/www.donemortgage.ca\/blogs\/refinance-vs-heloc-vs-second-mortgage\/\" class=\"tpg-post-link\" target=\"_self\">Read More<\/a>                <\/div>\n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n<div class=\"rt-col-md-4 rt-col-sm-6 rt-col-xs-12 default rt-grid-item post-295 post type-post status-publish format-standard has-post-thumbnail hentry category-mortgage\"\t\tdata-id=\"295\">\n\t<div class=\"rt-holder tpg-post-holder \">\n\t\t<div class=\"rt-detail rt-el-content-wrapper\">\n\t\t\t\t\t\t\t<div class=\"rt-img-holder tpg-el-image-wrap has-thumbnail\">\n\t\t\t\t\t<a data-id=\"295\" href=\"https:\/\/www.donemortgage.ca\/blogs\/minimum-down-payment-ontario\/\" class=\"tpg-post-link\" target=\"_self\">                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/07\/Minimum-Down-Payment-Ontario-2026-guide-showing-5-10-and-20-rules.webp\" class=\"rt-img-responsive\" width=\"768\" height=\"512\" alt=\"Minimum Down Payment Ontario 2026 guide showing 5%, 10% and 20% rules\" title=\"\">\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t<\/a>\n\t\t        <div class=\"overlay grid-hover-content\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"entry-title-wrapper\"><h3 class=\"entry-title\"><a data-id=\"295\" href=\"https:\/\/www.donemortgage.ca\/blogs\/minimum-down-payment-ontario\/\" class=\"tpg-post-link\" target=\"_self\">Minimum Down Payment in Ontario: Rules, Examples and Common Mistakes<\/a><\/h3><\/div>\n\t\t\t\n\t\t\t\t<div class=\"post-meta-tags rt-el-post-meta\">\n\t\t\t\t\t            <span class=\"author \">\n\n\t\t\t\t<i class=\"fa fa-user \"><\/i><span class=\"author-prefix\">By<\/span><a href=\"https:\/\/www.donemortgage.ca\/blogs\/author\/donemortgage_blogs\/\">Swati Malik<\/a>\t\t\t<\/span>\n\t\t\t            <span class=\"categories-links\">\n\t\t\t\t<i class=\"fas fa-folder-open \"><\/i><a class=\"mortgage\" href=\"https:\/\/www.donemortgage.ca\/blogs\/category\/mortgage\/\">Mortgage<\/a>\t\t\t<\/span>\n\t\t\t            <span class=\"date\">\n\t\t\t\t<i class=\"far fa-calendar-alt \"><\/i>\t\t\t\t                    <a href=\"https:\/\/www.donemortgage.ca\/blogs\/2026\/07\/22\/\">\n\t\t\t\t\tJuly 22, 2026\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t<div class=\"tpg-excerpt tpg-el-excerpt\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt-inner\">\n\t\t\t\t\t\t\tThe minimum down payment in Ontario depends on the purchase price of the home. It is not always a&#8230;\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t        <div class=\"post-footer\">\n            <div class=\"post-footer\">\n                <div class=\"read-more\">\n\t\t\t\t\t<a data-id=\"295\" href=\"https:\/\/www.donemortgage.ca\/blogs\/minimum-down-payment-ontario\/\" class=\"tpg-post-link\" target=\"_self\">Read More<\/a>                <\/div>\n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n<div class=\"rt-col-md-4 rt-col-sm-6 rt-col-xs-12 default rt-grid-item post-285 post type-post status-publish format-standard has-post-thumbnail hentry category-mortgage\"\t\tdata-id=\"285\">\n\t<div class=\"rt-holder tpg-post-holder \">\n\t\t<div class=\"rt-detail rt-el-content-wrapper\">\n\t\t\t\t\t\t\t<div class=\"rt-img-holder tpg-el-image-wrap has-thumbnail\">\n\t\t\t\t\t<a data-id=\"285\" href=\"https:\/\/www.donemortgage.ca\/blogs\/fhsa-canada-how-contributions-tax-deductions-and-withdrawals-work\/\" class=\"tpg-post-link\" target=\"_self\">                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/07\/ChatGPT-Image-Jul-17-2026-03_52_05-AM.webp\" class=\"rt-img-responsive\" width=\"768\" height=\"512\" alt=\"FHSA Canada: How Contributions, Tax Deductions and Withdrawals Work\" title=\"\">\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t<\/a>\n\t\t        <div class=\"overlay grid-hover-content\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"entry-title-wrapper\"><h3 class=\"entry-title\"><a data-id=\"285\" href=\"https:\/\/www.donemortgage.ca\/blogs\/fhsa-canada-how-contributions-tax-deductions-and-withdrawals-work\/\" class=\"tpg-post-link\" target=\"_self\">FHSA Canada: How Contributions, Tax Deductions and Withdrawals Work<\/a><\/h3><\/div>\n\t\t\t\n\t\t\t\t<div class=\"post-meta-tags rt-el-post-meta\">\n\t\t\t\t\t            <span class=\"author \">\n\n\t\t\t\t<i class=\"fa fa-user \"><\/i><span class=\"author-prefix\">By<\/span><a href=\"https:\/\/www.donemortgage.ca\/blogs\/author\/donemortgage_blogs\/\">Swati Malik<\/a>\t\t\t<\/span>\n\t\t\t            <span class=\"categories-links\">\n\t\t\t\t<i class=\"fas fa-folder-open \"><\/i><a class=\"mortgage\" href=\"https:\/\/www.donemortgage.ca\/blogs\/category\/mortgage\/\">Mortgage<\/a>\t\t\t<\/span>\n\t\t\t            <span class=\"date\">\n\t\t\t\t<i class=\"far fa-calendar-alt \"><\/i>\t\t\t\t                    <a href=\"https:\/\/www.donemortgage.ca\/blogs\/2026\/07\/16\/\">\n\t\t\t\t\tJuly 16, 2026\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t<div class=\"tpg-excerpt tpg-el-excerpt\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt-inner\">\n\t\t\t\t\t\t\tSaving for a first home has never been easy, particularly in Ontario where home prices remain well&#8230;\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t        <div class=\"post-footer\">\n            <div class=\"post-footer\">\n                <div class=\"read-more\">\n\t\t\t\t\t<a data-id=\"285\" href=\"https:\/\/www.donemortgage.ca\/blogs\/fhsa-canada-how-contributions-tax-deductions-and-withdrawals-work\/\" class=\"tpg-post-link\" target=\"_self\">Read More<\/a>                <\/div>\n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t<\/div>\n<\/div>                <\/div>\n\n\t\t\t\t\n            <\/div>\n        <\/div>\n\t\t\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Current Rate Snapshot \u2014 August 2026 The Bank of Canada\u2019s target for the overnight rate is 2.25%. The Bank held the rate again on July 15, 2026 \u2014 its sixth consecutive hold since the October 2025 cut. The next scheduled rate announcement is September 2, 2026. Bank of Canada rate announcements are some of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"rttpg_featured_image_url":{"full":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/06\/Bank-of-Canada-rate-decision-and-mortgage-rate-impact.webp",1536,1024,false],"landscape":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/06\/Bank-of-Canada-rate-decision-and-mortgage-rate-impact.webp",1536,1024,false],"portraits":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/06\/Bank-of-Canada-rate-decision-and-mortgage-rate-impact.webp",1536,1024,false],"thumbnail":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/06\/Bank-of-Canada-rate-decision-and-mortgage-rate-impact.webp",150,100,false],"medium":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/06\/Bank-of-Canada-rate-decision-and-mortgage-rate-impact.webp",300,200,false],"large":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/06\/Bank-of-Canada-rate-decision-and-mortgage-rate-impact.webp",1024,683,false],"1536x1536":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/06\/Bank-of-Canada-rate-decision-and-mortgage-rate-impact.webp",1536,1024,false],"2048x2048":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/06\/Bank-of-Canada-rate-decision-and-mortgage-rate-impact.webp",1536,1024,false]},"rttpg_author":{"display_name":"Swati Malik","author_link":"https:\/\/www.donemortgage.ca\/blogs\/author\/donemortgage_blogs\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/www.donemortgage.ca\/blogs\/category\/mortgage\/\" rel=\"category tag\">Mortgage<\/a>","rttpg_excerpt":"Current Rate Snapshot \u2014 August 2026 The Bank of Canada\u2019s target for the overnight rate is 2.25%. The Bank held the rate again on July 15, 2026 \u2014 its sixth consecutive hold since the October 2025 cut. The next scheduled rate announcement is September 2, 2026. Bank of Canada rate announcements are some of the&hellip;","_links":{"self":[{"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/comments?post=214"}],"version-history":[{"count":5,"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/214\/revisions"}],"predecessor-version":[{"id":323,"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/214\/revisions\/323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/media\/215"}],"wp:attachment":[{"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/media?parent=214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/categories?post=214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.donemortgage.ca\/blogs\/wp-json\/wp\/v2\/tags?post=214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}