Global News ~ September 20th, 2025
As the Bank of Canada on Wednesday lowered its overnight benchmark by 25 basis points from 2.75 per cent to 2.5 per cent, experts say homeowners looking to renew their mortgages have a chance to save.
Commercial lenders, like private banks, base their rates on the key policy rate set by the central bank. According to the Bank of Canada’s own research, 60 per cent of all Canadian mortgages will be up for renewal in 2025 and 2026.
Variable-rate mortgages are determined by the central bank’s interest rates, while fixed-rate mortgages are determined by activity in the bond market.
“Renewing a mortgage got a little easier on Wednesday, but only if you’re sniffing out a variable rate,” said Clay Jarvis, mortgage expert at NerdWallet Canada.
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