Bank of Canada Holds Again — What It Actually Means for Your Mortgage
May 1, 2026 · Matthew Shaw-Ward, Mortgage Agent Level 1
The Bank of Canada held its overnight rate at 2.25% on April 16, 2026 — the fourth consecutive hold since October 2025. Most headlines called it stability. The full picture is more nuanced.
Why fixed rates went up even though the overnight rate didn't
Fixed mortgage rates are not tied to the Bank of Canada's overnight rate. They're driven by Government of Canada bond yields, which moved sharply higher in April due to global uncertainty. The result: fixed mortgage rates increased meaningfully through April, independent of what the Bank decided.
Two scenarios on the horizon
Governor Macklem flagged two live scenarios heading into the June decision. If inflation stays elevated, consecutive rate increases become possible. If the Canadian economy weakens, a rate cut may be the response. The base case among economists is a hold — but fixed rates can move regardless.
What this means if you're renewing in 2026
OSFI identified mortgage renewals as the number one threat to the financial system in its 2026–2027 outlook. Of the 3.1 million mortgages renewing by end of 2027, many are renewing for the first time since rates were near historic lows. The earlier you understand your options, the more negotiating room you have — waiting for your lender's renewal letter puts you in a 30-day window with one number on the table.
If you're renewing in the next 12 months and want to understand your options before your lender reaches out, I'm happy to walk through it.
No obligation. Get clear answers about your mortgage options directly from Matthew — same day in most cases.
Privacy Policy
Effective Date: March 2026 · Matthew Shaw-Ward · Mortgage Wellness
1. Who We Are
This Privacy Policy applies to Matthew Shaw-Ward, a licensed Mortgage Agent Level 1 (Lic. M25002611) operating on behalf of The Mortgage Wellness Group Limited (Lic. #11970), a licensed mortgage brokerage. Each office is independently owned and operated. Member of the Verico network. We are regulated by the Financial Services Regulatory Authority of Ontario (FSRA) under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). "We," "our," and "I" refer to Matthew Shaw-Ward and The Mortgage Wellness Group Limited collectively.
We are committed to protecting your personal information in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA) and applicable Ontario privacy legislation. We collect only what is necessary, use it only for stated purposes, and protect it with appropriate safeguards.
3. Information We Collect
When you submit the pre-qualification form, we collect:
Contact information: first name, last name, email address, phone number
Property information: property type, estimated property value, current mortgage balance, number of existing mortgages
Mortgage goal: your stated reason for seeking mortgage assistance
4. Why We Collect This Information
Your information is collected to:
Assess your eligibility for mortgage financing and identify suitable lender options
Contact you to discuss your mortgage inquiry
Prepare and submit mortgage applications to lenders on your behalf, if you choose to proceed
Comply with regulatory record-keeping requirements under the MBLAA and anti-money laundering obligations under FINTRAC
5. Your Consent
By submitting the pre-qualification form and checking the consent checkbox, you provide express consent to the collection, use, and disclosure of your personal information as described in this policy. You may withdraw consent at any time by contacting us at matthewsw@mortgagewellness.ca, subject to legal or contractual restrictions and reasonable notice.
6. How We Use Your Information
We use your information to evaluate your mortgage needs, contact you by phone, email, or text message regarding your inquiry, and — if you choose to proceed — to shop your mortgage file across our lender network to find suitable options on your behalf.
7. Who We Share Your Information With
We share your information only as necessary:
Lenders and financial institutions: when submitting a mortgage application on your behalf, with your authorization
The Mortgage Wellness Group Limited (brokerage, Lic. #11970): for brokerage oversight, compliance, and record-keeping as required by FSRA
Verico Financial Group Inc.: as the franchisor network, Verico may have access to brokerage-level compliance data as required under the network agreement. See verico.ca.
Web3Forms: our secure form processing service, acting as a data processor only. Web3Forms transmits your form submission to us and does not use your information for any independent purpose. See Web3Forms Privacy Policy.
We do not sell, rent, or trade your personal information to any third party for marketing purposes.
8. Data Security
We take reasonable technical and organizational measures to protect your personal information from unauthorized access, use, disclosure, or loss. All form submissions are transmitted via SSL/TLS encryption. Access to your information is restricted to those with a legitimate need.
9. How Long We Keep Your Information
If you become a mortgage client: minimum 7 years as required by the MBLAA
If your inquiry does not proceed to a mortgage application: up to 2 years, after which it is securely deleted or anonymized
10. Your Rights Under PIPEDA
You have the right to:
Access: Request a copy of the personal information we hold about you
Correction: Request that inaccurate or incomplete information be corrected
Withdrawal: Withdraw your consent at any time (subject to legal requirements)
Deletion: Request deletion of your information (subject to our retention obligations)
If you have a privacy concern we have not resolved to your satisfaction, you may contact the Office of the Privacy Commissioner of Canada at www.priv.gc.ca or 1-800-282-1376.
12. Changes to This Policy
We may update this policy from time to time. Changes will be posted on this page with an updated effective date. Continued use of this form after changes are posted constitutes acceptance of the updated policy.
13. Contact
Matthew Shaw-Ward · Mortgage Agent Level 1 · Lic. M25002611
The Mortgage Wellness Group Limited · Lic. #11970 · Member of Verico
Ontario · (705) 817-1511 matthewsw@mortgagewellness.ca
