Bank of Canada Increases Interest Rate, Again.

Following July 2017's rake hike, Bank of Canada has announced another interest rate increase by 0.25%. Consequently, the major banks have followed the interest rate hike and increased their prime rate from 2.95% to 3.20% for most of the lenders (TD's prime is now 3.15%). 

As a borrower, if you have variable rate with variable payment, you shall receive a letter/communication from your mortgage lender to notify you the interest rate/payment change in coming weeks.

For a $400K mortgage, the 0.25% interest hike means $50 (approximate) increase for monthly mortgage payment.  

If you would like to know whether it’s a good time to convert to fixed rate, please contact us by email or telephone.