Blog > Four Weeks to the Bank of Canada's December 9 Decision: A Fixed or Variable Checklist for Markham

Four Weeks to the Bank of Canada's December 9 Decision: A Fixed or Variable Checklist for Markham

by Michael John Lau

Mortgage Rates · Markham Real Estate

Quick answer

The Bank of Canada raised its policy interest rate to 2.50% on October 28, 2026. The next announcement is December 9, 2026, then January 27, 2027. As of 6:21 p.m. on November 10, 2026, Ratehub listed a best high-ratio five-year fixed rate of 4.44%, a best high-ratio five-year variable of 3.65% (shown as prime minus 1.05%), and a best three-year fixed of 4.34%. This is a checklist, not a forecast of what the Bank will do on December 9.

With about four weeks until the next Bank of Canada decision, many Markham buyers and renewers are asking the same question: should I lock in a fixed rate, or take a variable rate?

That is a personal question, not a headline question. The useful work is to know today's official dates, today's advertised rates, your own timeline and your comfort with change. This post does not predict a hike, a hold or a cut on December 9.

Michael John Lau, REALTOR®, helps Markham buyers and sellers fit financing into a home plan. He has 80+ reviews from local clients. Use the checklist below with your lender or a licensed mortgage professional.

1. Write down your own timeline

Are you buying in the next few months, or renewing a mortgage that comes due soon? A buyer who needs a rate hold now is in a different place than a homeowner whose renewal is months away. Start with your date, not with a guess about the Bank.

2. Know the official dates and today's policy rate

The Bank of Canada's target for the overnight rate has been 2.50% since the October 28, 2026 announcement. The next scheduled announcement is December 9, 2026. The one after that is January 27, 2027. For a recap of the October decision, see what the October rate hike means for Markham buyers and sellers and the October 28 decision and Markham mortgage renewals.

3. Compare today's advertised fixed and variable rates

As of 6:21 p.m. on November 10, 2026, Ratehub listed:

A best high-ratio five-year fixed rate of 4.44%.
A best high-ratio five-year variable of 3.65%, shown as prime minus 1.05%.
A best three-year fixed of 4.34%, from Meridian Credit Union on the comparison table.

These are advertised rates, not a personal offer. They can change, and the rate you qualify for depends on your own profile. Ratehub also noted that variable rates will stay near their current levels until at least December 9, when the Bank of Canada is scheduled to make its next overnight rate decision, and that fixed rates move with bond yields. That is Ratehub's commentary, not a prediction of the Bank's decision.

A longer discussion of the tradeoffs, without today's dated rates, is in what Markham buyers are weighing in a fixed versus variable choice.

4. Remember that most new mortgages still face a qualifying test

A lower advertised rate does not automatically mean a larger approved mortgage. Ratehub notes that most new mortgages must pass a qualifying rate test, often described as the higher of 5.25% or the contract rate plus 2 percentage points. Renewals and some straight switches can be treated differently. Your lender or mortgage professional can confirm how the test applies to you.

5. Put the local market in view

Financing is only one part of a move. In October 2026, TRREB reported 260 Markham sales, a median price of $1,050,000, and 4.1 months of inventory. Those figures, released November 4, 2026, are still the latest official board report. For the full local picture, read the Markham real estate market report for October 2026.

6. Get personal advice, then recheck official sources

If your mortgage is up for renewal, here is what to do before you sign anything. A related, earlier briefing is what the next Bank of Canada rate decision means for Markham buyers. As December 9 approaches, recheck the Bank of Canada policy rate page and a current rate table. Do not rely on a dated blog post for the rate you will be offered.

Planning a purchase or a sale around your mortgage date?

Michael John Lau can help you fit today's rates and your timeline into a Markham home plan, then point you to a mortgage professional for personal advice.

Home Buying Services Mortgage Calculator

Call 416-700-0286 or email info@callmikelau.com.

80+ client reviews · Serving Markham & York Region, Ontario

Frequently asked questions

When is the next Bank of Canada rate decision?

The next scheduled announcement is December 9, 2026. The following announcement is January 27, 2027.

What is the Bank of Canada policy rate today?

The target for the overnight rate has been 2.50% since the October 28, 2026 announcement.

What mortgage rates did Ratehub list on November 10, 2026?

As of 6:21 p.m. on November 10, 2026, Ratehub listed a best high-ratio five-year fixed rate of 4.44%, a best high-ratio five-year variable of 3.65% (shown as prime minus 1.05%), and a best three-year fixed of 4.34% from Meridian Credit Union on the comparison table. Advertised rates can change, and they are not a personal offer.

Should I choose a fixed or variable mortgage before December 9?

This article does not forecast what the Bank of Canada will do on December 9, and it does not tell you which type of mortgage to choose. Compare today's advertised rates with your timeline and your comfort with change, and speak with a licensed mortgage professional about your own situation.

About the author

Michael John Lau, REALTOR® with eXp Realty, Brokerage. Serving Markham & York Region, Ontario. 80+ client reviews.

Please note: This article is general information only. It is not mortgage, financial or legal advice, and it is not a forecast of the December 9, 2026 Bank of Canada decision. Advertised rates change. Speak with a licensed mortgage professional about your own qualification and which type of mortgage may suit you.

Sources

Michael John Lau, REALTOR® · eXp Realty, Brokerage · Serving Markham & York Region, Ontario