09/02/2026
Tariffs don't move mortgage rates in one direction. They pull both ways at once.
The U.S. put 50% tariffs on roughly $20B of Canadian goods on Aug 22. Canada's counter-tariffs of 15–50% on 700+ American products land Sept 8. Here's why that matters for your mortgage:
↑ Pushing rates up: tariffs raise import prices and keep inflation elevated, a weaker loonie adds to the pressure, and building costs climb.
↓ Pulling rates down: slower exports, investment and hiring cool the economy, recession worry can push bond yields lower, and the Bank of Canada may respond with cuts.
Fixed rates follow bond yields. Variable rates follow the Bank of Canada. Which one suits you depends on your cash flow and your comfort with change — not on this week's headlines.
If you're buying or renewing in the next four months, a rate hold protects you for up to 120 days while the picture sorts itself out.
Let's look at your numbers before the market decides for you.
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