Today’s Bank of Canada Rate Announcement

Just a quick note on today’s Bank of Canada Announcement.  The Bank of Canada increased the key rate from 0.25% to 0.5%. Some lenders are starting to change their prime rates by 0.25%, to 2.7%.

We will monitor the amount of the increase to Prime and how it will impact mortgage rates. A slight increase will not drastically change cash flow. 

Please reach out if you have any questions or concerns as to how this change impacts your mortgage

Bank of Canada holds interest rate at 5%