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Big Six Banks Raise Fixed Mortgage Rates: What Your Renewal Costs Now

  Canadian Money Brief • Mortgages Updated Saturday, October 17, 2026 If your mortgage term ends this winter, the rate you saw advertised in August is probably gone. All six of Canada’s big banks have raised fixed rates since early September, and the Bank of Canada hasn’t touched its policy rate in almost a year. That disconnect catches a lot of homeowners off guard. Your fixed mortgage rate doesn’t follow the Bank of Canada. It follows the bond market. And bond yields have been climbing on oil-driven inflation worries, which means the people feeling it first right now are the ones opening a renewal letter. The numbers at a glance Up to 0.50 pt in fixed-rate increases at the big banks in about five weeks • BoC policy rate still 2.25% • Big bank prime still 4.45% • About $110 a month more on a $400,000 balance from a half-point jump How far have the big banks moved? Depending on the term, some big bank fixed rates are up by as much as half a percentage point in roughly five week...
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New CPP rules mean higher deductions and benefits for Canadians



Starting Monday, Canadians will see a change in their paycheques as the Canada Pension Plan (CPP) introduces a new earnings ceiling for higher-income earners.

The new ceiling, which applies to anyone earning more than $68,500 in 2024, is part of a broader pension revamp that began in 2019. The goal is to provide more financial support for Canadians after they retire, by increasing both the contributions and the benefits of the CPP.

Under the new rules, workers and employers will pay an additional four per cent on the amount they earn between $68,500 and $73,200. This means a maximum of $188 more in payroll deductions for 2024. Self-employed people will pay both portions, or eight per cent.

The trade-off is that Canadians will eventually receive higher payouts once they start collecting their pensions. The enhanced CPP is designed to replace one-third of a person’s eligible income, up from one-quarter under the old system.

The full effects of the CPP changes will take decades to materialize, so the youngest workers stand to gain the most. People retiring 40 years from now will see their income go up by more than 50 per cent compared to the current pension beneficiaries.

The CPP changes do not affect the eligibility criteria for retirement pension, post-retirement benefits, disability pension and survivor’s pension.


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