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As an expert mortgage broker, I know building wealth through homeownership and achieving financial freedom is about more than just chasing the lowest rate—it’s about strategy.
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Fixed Rates Are Slipping — Here’s What’s Behind It
October 20, 2025 | Posted by: Matt Broom-Hall
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After a few quiet weeks, one speech lit up the bond market. With scant data thanks to the ongoing U.S. government shutdown, investors hung on every word from south of the border—and heard a notably softer tone on the path for rates. Yields fell, and Canadian fixed mortgage rates started to inch down with them. Not a landslide—more like the first few flakes before a snowfall—but direction matters.
Here’s the short version.
Markets are now betting on a U.S. rate cut at month-end and leaning toward another before year-end. Canadian government bond yields moved lower in sympathy, and several lenders have started trimming fixed rates.
Variable-rate discounts haven’t budged yet (those will mainly move when the Bank of Canada changes the overnight rate), but the odds of a BoC cut at the end of the month have climbed to roughly two-in-three. In other words, the centre of gravity is shifting from fighting inflation to cushioning a softer labour market.
Why does an American speech move Canadian mortgages? Because five-year fixed rates in Canada are priced off Government of Canada bond yields, and those yields tend to track U.S. Treasuries. When investors believe policy rates will fall sooner or further, bond yields drop, and fixed mortgage rates follow—with a lag and usually in baby steps. That’s what we started to see last week.
On the home front, our central bank has been increasingly candid about cooling job momentum. Recent Canadian news show inflation generally easing and growth wobbling. If you’re keeping score, the Bank’s policy rate sits at 2.5% and in past cutting cycles it hasn’t hesitated to take it closer to 2% or below when the economy needed support. We’re not calling the finish line, but the direction of travel looks friendlier for borrowers than it did this summer.
A quick word on the inflation scare
The latest bump in U.S. prices looks tied to tariffs and one-off supply quirks rather than broad, sticky pressure. Markets heard that loud and clear. If that assessment holds, it gives central banks more room to ease without losing credibility.
In Alberta, Calgary and Edmonton have stayed comparatively resilient thanks to net interprovincial migration and still-decent employment in key sectors. A small slide in fixed rates won’t flip the market overnight, but it can meaningfully nudge affordability—often the difference between “tight” and “comfortable” on a stress test. Buyers here should expect fall activity to perk up if lenders continue to shave offers.
Tip of the Week
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