Rates.ca analyst Victor Tran said the BOC's policy-rate increase will immediately put upward pressure on variable-rate mortgages, pushing their rates closer to fixed rates. Fixed-rate mortgages have risen about 100bp since early September with no sign of reversing. As the central bank begins a tightening cycle, variable rates are likely to climb sharply in the coming months; mortgage-rate pressure on homeowners is expected to persist for 12–18 months.

2026-10-28

Rates.ca analyst Victor Tran said the BOC's policy-rate increase will immediately put upward pressure on variable-rate mortgages, pushing their rates closer to fixed rates. Fixed-rate mortgages have risen about 100bp since early September with no sign of reversing. As the central bank begins a tightening cycle, variable rates are likely to climb sharply in the coming months; mortgage-rate pressure on homeowners is expected to persist for 12–18 months.