As of September 22, 2026:

• Several major Canadian banks — including RBC, TD, Scotiabank, BMO and National Bank — increased selected fixed mortgage rates, generally by about 10–20 basis points (0.10–0.20%). The increases have mainly affected 2- to 5-year fixed terms.

• The 5-year Government of Canada bond yield, which is an important benchmark for fixed mortgage pricing, jumped from about 3.45% on September 8 to around 3.65% by September 10–15. It reached roughly 3.71% intraday on September 14 before pulling back.

• Current comparison data shows the lowest 5-year fixed insured rate around 4.14%, up about 0.10% from a month ago and 0.05% from a week ago. The lowest conventional 5-year fixed is around 4.24%, up about 0.20% from a month ago.

• But here's the important distinction

  The Bank of Canada did NOT raise its overnight rate.

  On September 2, 2026, the Bank of Canada held the policy rate at 2.25%.

Why are bond yields going up?

There are several factors behind the recent move. The Bank of Canada itself noted that long-term bond yields have increased globally, including in Canada, while inflation risks have increased because of elevated energy prices and geopolitical developments.

This is particularly important for fixed mortgages because banks generally price fixed mortgage funding in relation to bond-market yields rather than directly following the Bank of Canada's overnight rate.

What this could mean for Calgary buyers and sellers

For your Calgary real-estate marketing, this is actually an important development to discuss.

The recent move doesn't mean mortgage rates have suddenly skyrocketed, but the direction has changed: after the decline in rates earlier in the year, fixed rates have started moving upward again.

For example, a 0.20% increase on a $500,000 mortgage amortized over 25 years is roughly $58/month more in payment, assuming the rate moves from 4.0% to 4.2%.

And importantly, the next Bank of Canada decision is October 28, 2026.