🇨🇦 War in Iran Is Now Pushing Canadian Mortgage Rates Up — And Ottawa Has No Answer

The ongoing war in Iran and the closure of the Strait of Hormuz are now directly affecting Canadian mortgage renewals. Experts warn that bond yields are rising in response to geopolitical instability, pushing fixed mortgage rates upward even as the Bank of Canada holds its key rate steady, as explained by analysts tracking the situation. Canadian homeowners — already brutalized by the rate shock of 2022 to 2024 after years of artificially cheap money — are now absorbing a second wave of pressure driven by a conflict thousands of kilometres away. This is what energy dependence on unstable global supply chains produces. Canada sits on some of the largest hydrocarbon reserves on the planet. A sovereign energy policy — pipelines built, LNG terminals operational, domestic refining capacity restored — would insulate Canadians from exactly this kind of external shock. Instead, successive Liberal governments strangled domestic energy infrastructure while congratulating themselves on climate leadership. The Strait of Hormuz closes, and Canadians renewing their mortgages this spring pay the price for Ottawa's ideological choices.

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