Bank of Canada Rate Hike: 5 Things GTA Homebuyers Need to Know

The Bank of Canada has raised its overnight interest rate by 0.25 percentage points. What does that mean for GTA homebuyers, homeowners and anyone renewing a mortgage? In this episode of **Real As It Gets with Gord & Trev**, we break down the October 28, 2026 interest-rate announcement and discuss whether Canadians should be concerned—or whether the reaction is bigger than the actual impact. We cover five important questions: 1. Why did the Bank of Canada raise interest rates now? 2. How does a 0.25% increase affect mortgage payments? 3. What's the difference between fixed and variable mortgage rates? 4. Could higher rates create opportunities for GTA homebuyers? 5. What should homeowners do if their mortgage renewal is approaching? We also discuss inflation, energy prices, affordability, consumer confidence and how changing interest rates could influence the housing market across Toronto, Mississauga, Oakville, Burlington and the Greater Toronto Area. Gord and Trev share their perspectives from working directly with buyers and sellers—and explain why making a mortgage plan may be more useful than reacting to every headline. *Thinking about buying, selling or renewing your mortgage?* Speak with a qualified mortgage professional to understand how the current rate environment affects your situation. Subscribe to *Real As It Gets with Gord & Trev* for real conversations about GTA real estate, housing market trends and practical advice for Canadian homeowners. #BankOfCanada #InterestRates #GTARealEstate