Rates
Bank of Canada October 28, 2026 Announcement: What It Means for Your Mortgage
By Rahul Bedi · Reviewed October 26, 2026 · 5 min read
On Wednesday, October 28, 2026, the Bank of Canada announces its next interest rate decision. Going in, the policy rate is 2.25%. Nobody can tell you for certain what the Bank will do—but you can know exactly what a hold, cut or hike would mean for your mortgage before 9:45 a.m.
The key facts
- Date: Wednesday, October 28, 2026
- Time: 9:45 a.m. ET (10:45 a.m. Atlantic)
- Rate going in: 2.25%, held on September 2, 2026
- Extras: October is a Monetary Policy Report month, with a press conference at 10:30 a.m. ET
- Next date after this: Wednesday, December 9, 2026
The Monetary Policy Report matters because it gives the Bank's updated view of inflation and growth. That view often shapes expectations for the next few meetings.
What it can change—by mortgage type
Adjustable-rate mortgage (ARM)
Your rate is prime plus or minus a set amount. If the Bank moves and your lender changes prime, your payment usually changes from the next payment date.
Variable rate with a fixed payment (VRM)
Your payment stays the same. What changes is how much goes to interest versus principal. If rates rise far enough, some lenders apply a trigger rate or ask you to raise payments.
HELOCs and lines of credit
These are usually prime plus a margin, so any change flows straight to your interest cost. As a rough example, a 0.25% move on a $100,000 balance is about $250 a year.
Fixed-rate mortgages
Your current fixed rate does not change until your term ends. New fixed-rate offers follow bond yields more than the Bank's rate, so they may already reflect what markets expect.
If you're renewing or buying soon
- Know your maturity or closing date, and whether you already have a rate hold and when it expires.
- Compare fixed and variable on your real numbers, including what happens if rates move either way.
- Don't sign or wait solely because of one announcement. One decision is noise; the trend across several meetings matters more.
- Renewing within the next year? See how early you can renew.
What to do on the day
Read the Bank's statement at 9:45 a.m. ET, then watch for your lender's prime rate notice. If you're on a variable rate or HELOC, check whether your payment or interest cost changes. If you're shopping, ask whether any rate hold or pre-approval updates.
Not sure where you stand? Book a free call or start an application, and Rahul will walk you through your exposure in plain English.
Common questions
What time is the October 28, 2026 Bank of Canada announcement?
The decision is published at 9:45 a.m. Eastern Time (10:45 a.m. in Atlantic Canada). Because October is a Monetary Policy Report month, the Governor holds a press conference afterward, at 10:30 a.m. ET.
What is the Bank of Canada rate going into October 28?
The target for the overnight rate is 2.25%, held at the September 2, 2026 announcement. Check the Bank of Canada's website after 9:45 a.m. ET on October 28 for the new decision.
Will my variable mortgage payment change on October 28?
Only if the Bank changes its rate and your lender moves its prime rate. On an adjustable-rate mortgage the payment usually changes from the next payment date. On a fixed-payment variable mortgage the payment stays the same, but the split between interest and principal shifts.
Does the announcement change fixed mortgage rates?
Not directly. Fixed rates are priced mainly off Government of Canada bond yields, which often move before the announcement on market expectations. A surprise decision can still move bond yields and fixed-rate offers in the days that follow.
Should I lock a rate before October 28?
If you are buying or renewing in the next few months, a rate hold can protect you if rates rise while still letting you take a lower rate if one is available before closing, depending on the lender's terms. That decision should be based on your timeline, not a prediction about one announcement.
Sources: Bank of Canada schedule, Bank of Canada policy rate, FCAC mortgage types. No rate predictions or guarantees.
About the author
Rahul Bedi
Rahul Bedi is a licensed mortgage broker with Team Active Mortgage, serving Nova Scotia, New Brunswick, Ontario, Alberta and PEI. Educational only—not personalized financial advice.
NS Broker #3000996 · NB FCNB License #260053601 · AB RECA #LIC-00668583 · Ontario License #M26001833 (FSRA)
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