Angela Calla Mortgage Team

Bank of Canada Raises Rates — What It Means for Your Mortgage

Editor User — Wed, 28 Oct 2026 14:29:25 +0000

The Bank of Canada has increased its overnight rate by 0.25 percentage points to 2.50%. Most major

lenders are expected to increase their prime lending rate to 4.70%.

We understand this isn’t welcome news for households already managing higher costs. The important thing to know is that not every mortgage is affected the same way.

Here’s what it means for you:

Fixed-rate mortgage: No immediate change to your existing rate or payment.
Adjustable-rate mortgage (ARM): Payments will increase approximately $13-$15/month per $100,000 of mortgage balance, depending on your rate and amortization.
Variable-rate mortgage (VRM) with fixed payments: Your payment generally stays the same, but more goes toward interest and less toward paying down your mortgage.
Buying or renewing? Higher qualifying rates may affect purchasing power, and renewal is an opportunity to review your mortgage and financial strategy.

Read the Bank of Canada’s full announcement.

We’re here to help you prepare, not just react.

Every household is different. Whether you’re concerned about your payments, approaching renewal or deciding between paying down debt and investing, our mortgage and financial services team is here to help you understand your options.

We’re happy to help.

Warmly,
Angela Calla & Team
The Angela Calla Mortgage Team
angela@countoncalla.ca
www.angelacalla.ca

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A Dream Years in the Making: Singing O Canada at BC Place 🏈

Editor User — Wed, 14 Oct 2026 22:29:57 +0000

Some nights you just know you’ll remember forever.

On October 9, I had the incredible honour of stepping onto the field at BC Place to sing O Canada for the BC Lions — a dream I’d carried with me for years.

But the best part wasn’t just standing on that field. It was looking up and knowing hundreds of our clients, friends and families were there sharing it with us, with some even taking the field to carry our giant Canadian flag.

A huge thank you to Amar Doman, Duane Vienneau, Tyler and the entire BC Lions organization for believing in the vision and making the evening so special for all of us. To my wonderful friends at Global News and CKNW, thank you for your continued support and for cheering me on through another pretty incredible chapter.

And to everyone who joined us — thank you. You turned a personal dream into a shared memory, and that is what I’ll treasure most.

Maybe that’s the reminder in all of this: keep making room for the things that light you up, no matter what stage of life you’re in.

What. A. Night.

Watch the full O Canada performance below.

Angela Calla is a mortgage renewal and debt elimination expert with over 20 years of industry experience. She is also a multi-award-winning mortgage professional. Since beginning as a mortgage broker in 2004, Angela has helped thousands of Canadians optimize their mortgage strategies, eliminate debt, and build wealth through real estate.

She is the best-selling author of The Mortgage Code, which equips readers with the tools to make informed financial decisions. Additionally, she is the host of Canada’s longest-running finance radio show on CKNW, where she simplifies mortgage advice and empowers listeners to take control of their financial futures.

Angela has been recognized as Business Leader of the Year (2020) by the Tri-Cities Chamber of Commerce and Entrepreneur of the Year (2019) by the City of Port Coquitlam. She is also a sought-after speaker and educator, delivering accredited training for real estate boards across Greater Vancouver.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog.

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Bank of Canada Holds Rates: What It Means for Your Mortgage | Angela Calla on Global News

Editor User — Thu, 03 Sep 2026 18:33:23 +0000

WATCH THE FULL CLIP HERE

The Bank of Canada held interest rates steady — so what does that actually mean for Canadian homeowners, homebuyers and those approaching a mortgage renewal?

Mortgage Broker and The Mortgage Code author Angela Calla joins Global News Morning to discuss the latest Bank of Canada decision, the outlook for fixed and variable mortgage rates, and what borrowers should be considering before making their next move.

In this interview:
• What the Bank of Canada rate hold means for borrowers
• The outlook for variable mortgage rates
• Why fixed mortgage rates can move independently of the Bank of Canada
• What homeowners approaching renewal should consider
• Why your mortgage should be reviewed as part of your overall financial strategy

The most important takeaway?

Don’t make a mortgage decision based on a headline alone.

Your mortgage structure, cash flow, debt, future plans and overall financial goals should all be considered when determining the right strategy.

If you’re approaching a renewal, purchasing a home, considering refinancing or simply wondering whether your current mortgage is still the right fit for your financial plan, our team is happy to review your options.

Click here to view the latest news on our blog.

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A Significant B.C. Pre-Sale Ruling: What Buyers and the Real Estate Industry Can Learn

Editor User — Wed, 02 Sep 2026 17:53:35 +0000

A recent B.C. Supreme Court decision involving the Lumina Eclipse development in Burnaby has created an important conversation about pre-sale real estate — and one that buyers, investors and industry professionals should understand.

The court ruled that 39 pre-sale agreements representing approximately $30.5 million in purchases were unenforceable against the purchasers, after finding the developer failed to properly disclose material developments affecting the project.

It is a significant decision, but also one that deserves a balanced perspective.

What happened?

The purchasers entered into their agreements between 2021 and 2023 — a very different real estate and interest-rate environment.

As the project progressed, the developer experienced significant financial and construction challenges. The project’s new-home warranty insurance was suspended in October 2024, its municipal building permit was paused the following month and construction stopped.

The developer ultimately entered creditor protection.

The court found that material project developments had not been properly disclosed to the affected purchasers as required under B.C.’s Real Estate Development Marketing Act (REDMA).

Importantly, the judge determined that the agreements were unenforceable against these purchasers — not that the agreements were simply cancelled or voided.

Another major question remains outstanding: approximately $3.6 million in deposits were paid by the affected purchasers, and their ultimate recovery is still to be determined.

Why this decision matters

When I am consulting with a borrower or teaching real estate professionals through the Real Estate Board, one of the principles I continually come back to is that there are rarely absolute “good” or “bad” real estate decisions.

There are opportunities, risks and circumstances that need to be understood together.

Pre-sales are a perfect example.

They can provide an opportunity to secure a property well before completion, give purchasers additional time to save and plan, provide access to new construction and potentially allow a buyer to benefit from appreciation before taking possession.

But the time between signing and completion can also introduce meaningful risk.

Property values can change.

Interest rates and lending guidelines can change.

A purchaser’s income or financial circumstances can change.

Construction timelines can change.

And, as this case demonstrates, the circumstances surrounding the development itself can change.

The mortgage side is equally important

One misconception I frequently see is the assumption that because someone can afford or qualify for a pre-sale when they sign the contract, their financing at completion is effectively taken care of.

It isn’t necessarily.

A pre-sale can complete years later. The purchaser may need to qualify based on the lending environment, income, debts and financial circumstances that exist at that time.

The property’s appraised value at completion can matter as well.

That’s why I believe a good pre-sale conversation should involve more than asking, “Do I think this property will go up in value?”

It should also ask:

What happens if it doesn’t?

What if rates are different?

What if my income changes?

What if completion is delayed?

What if I need additional funds at closing?

And equally important: if everything goes according to plan, does this purchase move me closer to my overall financial goals?

That is the type of analysis that helps turn a real estate purchase into a financial strategy rather than simply a transaction.

Does this ruling change pre-sales?

It certainly reinforces the importance of disclosure.

The court’s decision demonstrates that a purchaser’s contractual obligations exist alongside a developer’s legal obligations to disclose material information.

That is an important consumer protection.

It may also lead buyers, developers, Realtors, lawyers and financing professionals to pay even closer attention to disclosure statements, amendments and material changes during the years between purchase and completion.

But I would be cautious about interpreting one decision as meaning pre-sales have suddenly become either safer or riskier.

The lesson is more fundamental:

Due diligence matters. Transparency matters. And professional advice matters.

My takeaway

I remain balanced on pre-sales because I have seen situations where they can be an excellent part of someone’s real estate and financial plan — and others where the risks simply don’t make sense for that particular purchaser.

The objective isn’t to convince someone to buy or not buy.

Whether I’m working directly with a borrower or educating real estate professionals, my role is to help people understand both sides of the decision, stress-test the possibilities and make an informed choice based on their complete financial picture.

This ruling gives our industry another valuable case study.

Because ultimately, the strongest real estate decisions aren’t the ones based on everything going perfectly.

They’re the ones made with a clear understanding of what happens if it doesn’t.

This commentary is for educational purposes and does not constitute legal advice. Anyone involved in a pre-sale purchase or dispute should obtain independent legal advice.

Source: Business in Vancouver
Read the original BIV coverage

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Why Canada’s Leading Mortgage Professionals Need a High-Level Understanding of Wealth-Building Strategies

Editor User — Tue, 09 Jun 2026 23:41:43 +0000

After more than 20 years in the mortgage industry, one thing has become increasingly clear: helping clients build wealth requires more than simply arranging a mortgage.

As mortgage professionals, we are often one of the first calls people make when they are making major financial decisions. Whether they are purchasing a home, renewing a mortgage, consolidating debt, planning for retirement, or navigating a significant life change, clients are looking for guidance that considers their complete financial picture.

That is why I make it a priority to continuously learn about the broader financial landscape.

Recently, I attended an educational event hosted by Canada Life focused on segregated funds and their role within a comprehensive financial plan. While mortgage professionals are not financial advisors, understanding the benefits and considerations of various financial products allows us to better identify opportunities and connect clients with trusted experts when appropriate.

Why Financial Knowledge Matters

The best client outcomes happen when professionals work together.

A mortgage can be one of the most powerful wealth-building tools available to Canadians, but it is only one piece of a larger financial strategy. Investments, insurance, tax planning, estate planning, retirement planning, and debt management all play important roles in helping families achieve long-term financial security.

Having a high-level understanding of these areas allows us to ask better questions, recognize potential opportunities, and make informed referrals to qualified professionals.

Key Takeaways from the Discussion

One of the topics discussed was segregated funds, which may offer unique features that can complement certain financial plans, including:

Estate planning efficiencies
Potential creditor protection in qualifying situations
Capital guarantees at maturity and death
Opportunities for long-term growth with downside protection
Simplified wealth transfer strategies

As with any financial product, suitability depends on an individual’s circumstances, goals, and risk tolerance. The most important takeaway is not that one product fits everyone, but that Canadians deserve access to education and professional advice so they can make informed decisions.

The Power of a Trusted Professional Network

Throughout my career, I have built relationships with highly qualified professionals across mortgage financing, financial planning, insurance, investment management, accounting, legal services, and real estate.

When clients need expertise outside of mortgage financing, I believe they deserve introductions to professionals who share the same commitment to education, transparency, and putting clients first.

No one professional can be everything to everyone. Great leaders understand the value of collaboration. The strongest financial plans are often built by a team of professionals working together to help clients achieve their goals.

Education Creates Better Outcomes

One of the reasons I remain passionate about this industry after more than two decades is that learning never stops.

The financial world continues to evolve, and staying informed allows us to better serve the families, business owners, and investors who trust us with some of life’s most important decisions.

My role has always been to advocate for clients, provide education, and ensure they have access to the right resources at the right time.

Because building wealth is important.

Protecting it is equally important.

And having the right team around you can make all the difference.

How We Can Help

If you have questions about your mortgage, upcoming renewal, refinancing opportunities, debt consolidation, purchasing a home, or improving your overall financial position, the Angela Calla Mortgage Team is here to help.

And if your needs extend beyond mortgage financing, we can introduce you to trusted professionals within our network who specialize in financial planning, investments, insurance, retirement strategies, and wealth preservation—ensuring you receive advice from qualified experts aligned with your goals.

We believe Canadians deserve access to unbiased education, collaborative planning, and a team of professionals who genuinely care about helping them build and protect their future.

Click here to view the latest news on our blog.

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Canada enters a technical recession as Q1 2026 GDP fell by 0.1% on an annualized basis

Editor User — Fri, 29 May 2026 19:22:55 +0000

Canada’s Economy Edges Into A Technical Recession For the First Time Since 2020

Statistics Canada reported this morning that the Canadian economy contracted slightly, by 0.1%, at a seasonally adjusted annual rate in the first quarter (Q1) of 2026. That follows a 1% contraction in the fourth quarter, a downward revision from the previously reported 0.6% decrease.

Higher imports of goods, particularly gold, were offset by accumulations of business inventories. Decreased business and government capital investment was offset by higher household spending, as final domestic demand edged down 0.1%.

On a per capita basis, real GDP increased 0.2% in the first quarter of 2026, as the population declined for a second consecutive quarter and GDP remained unchanged.

The surprise decline in the first quarter stands in contrast with forecasters’ expectations. Economists surveyed by Bloomberg were anticipating a 1.5% annualized increase in the first quarter, aligning with the Bank of Canada’s projection.

The last time Canada recorded two consecutive quarters of negative growth was in 2020 during the COVID-19 pandemic. Before that, it was in 2015 amid low oil prices.
The loonie fell to a session low after the report, trading at C$1.3822 per US dollar as of 8:58 a.m. in Ottawa. Canadian government bond yields dipped to a daily low, extending outperformance versus Treasuries, with the two-year benchmark falling 5 basis points to 2.792%.

The weaker-than-expected GDP data coincides with a looser job market, painting a softer picture of the Canadian economy as US tariffs continue to squeeze some businesses.

Bottom Line

The weaker-than-expected economic activity comes amid sustained political pressure on affordability, driven by a spike in oil prices stemming from the closure of the Strait of Hormuz following the war in Iran. With April inflation data for Canada coming in softer than expected, the Bank is likely on hold for the time being.

A flash estimate for industry-based data in April suggests the economy bounced back with 0.4% growth, driven by increases in mining, quarrying, and oil and gas extraction, as well as in manufacturing, transportation, and warehousing. That followed a 0.1% decline in March.

In direct contrast to the US, Canadian business capital investment in the first quarter posted a fifth consecutive decline, shrinking 3% on an annualized basis, driven by lower spending on engineering structures. In the US, business capital spending is booming, driven by AI-related data centre expenditures.

Business investment in residential structures fell 2.0% in Q1 of this year, following a 2.4% decline in the fourth quarter of 2025. The first-quarter decline was led by continued weakness in resale housing activity (termed “ownership transfer costs”), which fell 9.9% in the first quarter of 2026, following a 3.4% decline in 2025 overall. In the first quarter of 2026, new residential construction edged down 0.1%, led by decreased absorptions (the indicator for sales) of completed units, while work put in place for row homes and apartments increased.

Government capital investment also shrank 9.6% annualized after a sharp increase in weapons-system spending in the fourth quarter. StatCan noted that despite this decrease, the $8.3 billion outlay on weapons systems in the first quarter was still well above the average quarterly spending recorded since 1981.

Household spending increased 1.5% annualized in the first quarter, led by higher spending on financial services. However, the report noted Canadians pulled back on travel and vehicle purchases.

The household saving rate slowed to 3.5%, its lowest level since the first quarter of 2024, as spending rose faster than income.

Meanwhile, corporate income rose for a third consecutive quarter, up 1.6% on a quarterly basis, helping to explain the continued appreciation in stock markets.

Imports surged 12% on an annualized basis, reflecting gold shipments that were offset by accumulations of business inventories.

Exports fell 0.5%, led by a decline in passenger cars and light trucks, which US tariffs have battered. Meanwhile, higher shipments of crude oil and crude bitumen, as well as natural gas, offset much of that decline.

Finally domestic demand fell 0.4%, following a 2.7% increase in the previous quarter.

All in, I expect the Bank of Canada to remain on hold at the June 10th announcement meeting. Next Friday, we will see the May employment report, which is likely to remain tepid, prompting the Governing Council to hold the overnight rate steady at 2.25% for the fourth consecutive time, choosing to look through the short-term impact of higher oil prices on inflation while monitoring softer economic conditions.

Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres
drsherrycooper@dominionlending.ca

Click here to view the latest news on our blog.

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Aboriginal Title – Supreme Court of Canada Rules

Editor User — Thu, 28 May 2026 21:47:48 +0000

As someone who has spent more than two decades helping Canadians build wealth through homeownership, I pay close attention to decisions that impact property rights, housing, lending, and consumer confidence.

Today’s Supreme Court of Canada decision provides important clarity regarding Aboriginal title and privately owned land. The Court has upheld a lower court ruling that Aboriginal title cannot be declared over privately owned land, reinforcing a principle that underpins Canada’s housing market, lending system, and broader economy.

This decision is particularly relevant given recent public discussion surrounding the Cowichan Tribes land title ruling in British Columbia, which generated questions and concerns among some homeowners about the security of private property rights.

While legal matters involving Indigenous rights and land claims remain complex and deserve thoughtful consideration, today’s ruling provides reassurance that private property ownership remains a fundamental component of Canada’s legal and economic framework.

For homeowners, investors, and families planning their financial future, certainty and confidence matter. Stable property rights support everything from homeownership and mortgages to retirement planning, investment decisions, and economic growth.

As always, I encourage people to seek information from credible sources and be cautious of misinformation circulating on social media, particularly on topics that can create unnecessary fear or confusion.

Knowledge creates confidence, and confidence creates better financial decisions.

Read the full article HERE

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Weakest Labour Market Report Since January 2021

Editor User — Fri, 08 May 2026 23:44:55 +0000

Weak Jobs Report in April drives Unemployment Rate Up to 6.9%

Employment in Canada edged down by 17,700 in April, following a 14,000 gain in the prior month, missing the consensus forecast for a 15,000 increase. On a year-over-year basis, employment in April was up by 67,000 (+0.3%), but recorded a net decline of 112,000 (-0.5%) over the first four months of 2026.

The result marked a second straight month of limited movement after February’s sharp 84,000-job decline. Full-time employment fell by 47,000, while part-time positions increased by 29,000. Employment levels were broadly unchanged across the private and public sectors and among self-employed workers.

Employment varied little across major age groups in April. The unemployment rate rose among youth aged 15 to 24 to 14.3% and among core-aged men to 6.1%. Regionally, employment declined in Quebec, Newfoundland and Labrador, Saskatchewan, and New Brunswick, while Ontario added 42,000 jobs. Meanwhile, the employment rate slipped 0.1 percentage points to 60.5%.

Average hourly wages among employees were up 4.5% (+$1.64 to $37.77) on a year-over-year basis in April, following growth of 4.7% in March (not seasonally adjusted).

In April, the unemployment rate rose 0.2 percentage points to 6.9%, as more people searched for work (+51,000; +3.4%). The unemployment rate has increased 0.4 percentage points since January 2026, but remained below the recent peak of 7.1% observed in August and September of 2025. On a year-over-year basis, the unemployment rate was virtually unchanged in April 2026.

The proportion of unemployed people who had been continuously searching for work for 27 weeks or more—considered long-term unemployment—was 22.5% in April. This proportion was little changed both in the month and compared with 12 months earlier. However, it remained significantly above the pre-COVID-19 pandemic average of 17.1% observed from 2017 to 2019.

At the same time, the monthly layoff rate (0.6%) in April remained in line with the pre-pandemic average, showing no recent elevation (not seasonally adjusted).

The participation rate—the proportion of the population aged 15 and older who were employed or looking for work—rose by 0.1 percentage points to 65.0% in April as more people were in the labour force searching for work. The increase was concentrated among core-aged people, whose labour force participation rate rose 0.3 percentage points to 88.5%.

On a year-over-year basis, the overall labour force participation rate was down 0.3 percentage points in April. This largely reflected population aging, which has put downward pressure on the labour supply as more individuals have entered retirement. Among core-aged people, the labour force participation rate was up 0.3 percentage points year over year, while for youth aged 15 to 24, it was little changed.

On a month-over-month basis, employment decreases in April were concentrated in information, culture and recreation (-25,000; -2.8%), construction (-16,000; -1.0%), and in ‘other services’ (-13,000; -1.6%), an industry which includes repair and maintenance as well as personal services.

Employment change by industry, April 2026

On the other hand, employment increased in business, building and other support services (+22,000; +3.2%), health care and social assistance (+18,000; +0.6%) and in accommodation and food services (+13,000; +1.1%).

On a year-over-year basis, employment was little changed across most industries in April, with the notable exception of health care and social assistance, which was up 119,000 (+4.1%) over the period.

The cumulative decline in employment since January comes as US tariffs continue to loom over businesses and the war in Iran heightens global uncertainty, two forces expected to shape the Canadian economy this year. With the 50% rise in oil prices, demand destruction is already well underway.

Another important fundamental in the labour market is the rapid development of AI, which is already causing enormous layoffs, especially in the U.S. See the chart below.

Bottom Line

In other news, the US employment report was also released this morning, showing the strongest two-month gain since 2024.

US employers added more jobs than expected for a second month, and the unemployment rate held steady in April, indicating the labour market is holding up despite rising energy costs sparked by the war in Iran.

Nonfarm payrolls rose 115,000 last month after an even bigger surge in March, marking the strongest two-month increase since 2024, according to Bureau of Labour Statistics data out Friday. The unemployment rate was unchanged at 4.3%. The report showcases a labour market that may be gaining momentum after near-zero job growth last year. It showed hiring advanced across a variety of sectors, and follows other data indicating layoff activity remains low.

The relative weakness of the Canadian labour market will discourage the Bank of Canada from tightening monetary policy too soon. To be sure, inflation remains a risk as higher energy costs become embedded in the price of a wide array of goods and services. The Bank will be reluctant to respond with rate hikes over the next few announcement dates.

Trade negotiations will accelerate in the coming months as the future of CUSMA is determined. It is hard to imagine the Bank of Canada tightening in the face of such a weak housing market.

Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres
drsherrycooper@dominionlending.ca

Click here to view the latest news on our blog.

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Bank of Canada Holds The Overnight Policy Rate Steady For the Fourth Consecutive Meeting

Editor User — Wed, 29 Apr 2026 20:59:39 +0000

Bank of Canada Holds Policy Rate Steady

Today, the Bank of Canada once again held the policy rate steady at 2.25%. This is the bottom of the Bank’s estimate of the neutral overnight rate, where monetary policy is neither expansionary nor contractionary. With inflation hovering at 2.4% and core inflation falling to 2.0%, the Governing Council sees the current overnight rate as appropriate, as the Bank looks through the inflationary effects of the war in Iran.

“The evolving conflict in the Middle East is causing heightened volatility, and US trade policy continues to reshape global trade patterns. Both are ongoing sources of uncertainty. The Bank’s April outlook assumes tariffs remain unchanged and the global benchmark price of oil declines to US$75 per barrel by mid 2027, still well above pre-war oil prices”. According to the BoC, if that happens, inflation should peak around 3% in April and ease back to the 2% target by early next year.

“The Iran war has led to sharply higher energy prices and transportation disruptions, diminishing growth prospects in oil-importing countries and boosting inflation worldwide. In the United States, growth is still expected to be solid over the projection horizon, boosted by AI-related investment and consumption growth. China’s economy is supported by robust exports. In the euro area, higher prices for oil and natural gas will weigh on economic activity.”

Bond yields are modestly higher since January, while equity markets, which weakened sharply at the outset of the war, have recovered. Since the start of the war, the US dollar has appreciated against most major currencies.

“The outlook for economic growth in Canada is little changed from the January Monetary Policy Report (MPR) projection. After a contraction in the fourth quarter of 2025, growth is forecast to have resumed in early 2026. Consumer and government spending are supporting economic activity, while tariffs and trade uncertainty are weighing on exports and business investment. Housing activity declined in the fourth quarter and is held back by slow population growth, economic uncertainty and ongoing affordability issues. The labour market is soft, with subdued employment growth over the past year and job losses in sectors targeted by US tariffs. The unemployment rate remains in the 6½%‑7% range, reflecting both weak hiring and fewer job seekers.”

The Bank’s April forecast projects GDP growth of 1.2% in 2026, rising to 1.6% in 2027 and 1.7% in 2028 as growth in exports and business investment resumes along a lower trajectory. With GDP growing slightly above potential, the current excess supply in the economy is gradually absorbed. While the war in Iran may alter its composition, overall GDP growth is little changed in the updated forecast: Since Canada is a large net exporter of oil, higher oil prices increase national income even as consumers are squeezed by higher gasoline prices.

The Bank’s press release goes on to say that “CPI inflation will likely rise further in April to about 3%. Based on the assumption that oil prices will ease, inflation is forecast to come down to the 2% target early next year and remain around 2% over the projection horizon.

Against this backdrop and taking into account the current projection, Governing Council decided to maintain the policy rate at 2.25%. We are closely monitoring the impact of the conflict in the Middle East and the economy’s response to US tariffs and trade policy uncertainty. Governing Council is looking through the war’s immediate impact on inflation, but will not let higher energy prices become persistent inflation. As the outlook evolves, we stand ready to respond as needed. The Bank is committed to maintaining Canadians’ confidence in price stability through this period of global upheaval.”

WTI crude oil futures jumped more than 5% to above $105 per barrel on Wednesday, amid no signs of a near-term end to the conflict with Iran or the reopening of the Strait of Hormuz. The surge comes as markets weigh the United Arab Emirates’ shock exit from OPEC alongside signs that the conflict involving Iran may persist. Reports that Donald Trump is preparing to extend a blockade on Iranian ports have heightened fears of prolonged supply disruptions, particularly through the critical Strait of Hormuz.

Negotiations remain stalled, with both sides entrenched, raising expectations that the standoff could drag on for weeks. Meanwhile, US inventory data showed sharp declines in crude and fuel stockpiles, while exports surged to record highs above 6 million barrels per day, underscoring tightening global supply. Gasoline and refined fuel prices have also spiked, amplifying inflation concerns worldwide as energy markets remain on edge.

The Canadian dollar weakened, and market-driven interest rates rose despite the Bank of Canada’s rate hold. The Fed is expected to follow suit this afternoon, maintaining its policy rate at 3.5% to 3.75%.

Bottom Line

The Bank of Canada has shown its willingness to bolster the Canadian economy amid unprecedented trade uncertainty and a record oil price shock. Ottawa, too, has taken actions to reduce the burden of higher prices on Canadians by temporarily eliminating the excise tax on oil. PM Carney is also working to diversify Canadian trade away from the US.

There will continue to be substantial frictions that limit the geographical diversification of trade sought by Ottawa. The US is Canada’s only neighbour; hence, there is a lack of alternative markets that equal the US in size and scale, and, before Trump, in shared values on free trade.

In his speech before the press conference today, Governor Tiff Macklem suggested that, “if the United States were to impose significant new trade restrictions on Canada, we may need to cut the policy rate further to support economic growth. Alternatively, if oil prices continue to increase, and particularly if they remain elevated, the risk that higher energy prices become ongoing generalized inflation increases. If this starts to happen, monetary policy will have more work to do—there may be a need for consecutive increases in the policy rate.

It is highly unlikely that the Bank of Canada would tighten monetary policy when the housing market is as depressed as it is today.

Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres
drsherrycooper@dominionlending.ca

Click here to view the latest news on our blog.

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Staying Ahead of Tomorrow’s Bank of Canada News

Editor User — Tue, 28 Apr 2026 23:51:59 +0000

The Bank of Canada announces its next rate decision tomorrow, and most economists currently expect rates to hold steady. However, what matters most is not just the headline—it’s how today’s market conditions affect your mortgage, buying power, and long-term financial plan. Here is the link to see tomorrow’s announcement Bank of Canada or follow our social media accounts @angelacallamortgageteam.

Right now, buyers are negotiating strong opportunities, and many homeowners are surprised to learn they may not need to wait until renewal to improve their situation.

Most recently, we helped a family in Pitt Meadows restructure their mortgage early, improve cash flow by $1,000 per month, and position themselves to potentially retire 5 years sooner through better planning.

Whether you are:
• Buying a home
• Renewing soon
• Wondering if you should refinance early
• Reviewing life insurance
• Wanting a second opinion on your financial plan

Now is the time to act.

For mortgage consultations, use our booking link

If you’d like a broader financial review outside the mortgage, simply reply with 3 days/times that work for you. We have direct access to our independent financial planning partners’ calendar and can coordinate an introduction for you.

Don’t wait for the next announcement schedule for June 10th to wonder what you should have done today.

Click here to view the latest news on our blog.

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