A policy rate is not your mortgage quote
The Bank of Canada held its policy rate at 2.25% on September 2, 2026. That decision is a dated reference, not a promise of the rate a lender will offer today. Fixed mortgage pricing, variable-rate products and qualification can respond differently. Compare written quotes and product terms rather than applying the policy rate directly to your mortgage calculation.
Calculate affordability at more than one rate
Ask your lender to model payments at the quoted rate and at a higher renewal rate. Include property taxes, condo fees where applicable, insurance, utilities and maintenance. A change in payment may affect how much cash you can keep for closing or repairs, even when the purchase price fits your initial budget.
Read beyond the advertised rate
Compare prepayment privileges, penalties, term, amortization and portability alongside the interest rate. A pre-approval may be conditional and can expire; changes in income or borrowing can affect qualification. Discuss financing conditions before offering and have your lender assess the chosen property.
Sources & further reading
General information as of publication. Check current figures and rules, and obtain advice for your property, financing and legal circumstances.