Bank of Canada Rate Hike: Should You Worry?

Vaughan real estate broker Raj Bajwa beside a graphic reading plus $13 a month per $100,000 of variable mortgage after the October 2026 Bank of Canada rate hike

The Bank of Canada raised its rate to 2.50% on October 28, 2026. Should you worry? For a variable mortgage, it’s about $13 a month per $100,000. Fixed rates don’t change until renewal. Here’s why rates went up and what it means for Vaughan homeowners and buyers.

47 Velvet Cres East Woodbridge Detached Home

Front exterior of 47 Velvet Crescent detached home on a quiet crescent in East Woodbridge, Vaughan

47 Velvet Crescent is a 4-bedroom detached home located on a quiet crescent in East Woodbridge, Vaughan. Offered for the first time since 1987, this well-maintained property features hardwood floors, a double garage, and a separate walk-up basement with in-law or income potential. With updated roof and mechanical systems already completed, buyers can focus on cosmetic renovations to unlock additional value. Positioned in a balanced market, this home presents a practical opportunity for families seeking space, stability, and long-term upside in one of Vaughan’s most established neighbourhoods.