Bank of Canada Decides October 28
Why Burlington Buyers Should Consider a Pre-Approval Now
If you’re considering buying a Burlington home this fall or winter, Wednesday, October 28 is an important date.
Where Rates
Stand Today
If you’re considering buying a Burlington home this fall or winter, Wednesday, October 28 is an important date. The Bank of Canada will announce its next interest-rate decision at 9:45 a.m., and both a rate hold and a possible increase remain in the conversation.
The Bank of Canada held its policy rate at 2.25% on September 2.
Canada’s annual inflation rate increased to 3.1% in September.
Most major-bank economists currently expect the Bank to hold its rate on October 28, but a rate increase remains possible. A rate cut is considered unlikely at this time.
Source: Bank of Canada, September 2 decision · Bank of Canada announcement schedule · Consumer price index
What This Means
for Your Mortgage
If the Bank raises its policy rate, variable-rate mortgages and home equity lines of credit will generally become more expensive shortly afterward.
Fixed mortgage rates work differently. They are influenced more by government bond yields and financial-market expectations, which means they can move before — or independently of — a Bank of Canada announcement.
Want homes that fit sent to you?
Tell us the area and your budget. We’ll send matching MLS® listings, often the day they list, and answer anything this article didn’t.
Why Consider a
Pre-Approval Now?
Many lenders will hold a fixed mortgage rate for approximately 90 to 120 days, although the terms vary by lender. A pre-approval can give you a clearer budget and some protection if rates rise while you’re searching.
If rates fall, your mortgage professional may be able to secure the lower rate, depending on the lender’s policies.
What’s Happening in
Burlington’s Market?
Burlington’s September figures show that buyers are encountering different conditions depending on the type of home:
- Single-family homes: The median sale price was $1,190,000. Homes sold in approximately 26 days, with 3.1 months of supply. This remains the tighter segment of Burlington’s market.
- Townhouses, condos and semi-detached homes: The median price was $670,000, down 8.2% from September 2025. Homes took approximately 42 days to sell, with 4.1 months of supply, giving buyers more time and negotiating room.
Total Burlington home sales were down 14.1% from September 2025. Activity is slower overall, but competition and negotiating power still vary considerably by property type, neighbourhood, condition and price range.
Source: Cornerstone Association of REALTORS®, September 2026 Burlington Monthly Indicators · Our market report
Read It
Yourself
- Bank of Canada — September 2, 2026 interest rate announcement
- Bank of Canada — upcoming announcements (October 28, 2026, 9:45 ET)
- Bank of Canada — consumer price index data
- Cornerstone Association of REALTORS® — September 2026 Burlington Monthly Indicators
Published 22 October 2026. Rates, forecasts and lender terms change; speak with a qualified mortgage professional about your own situation. We are REALTORS®, not mortgage or financial advisors.
Buying in the
Next Few Months?
If you plan to buy over the next few months, speak with a qualified mortgage professional before October 28. Understanding your financing now will help you search within a comfortable budget and respond confidently when the right home becomes available.
Have questions about buying a home in Burlington? Contact the Mother Daughter Team — we’re always happy to help.
Laura Brown & Kristina Kritikos · Royal LePage Burloak Real Estate Services · 905-634-7755