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