Bank of Canada (BOC) announced interest rate increase this morning by 0.25%.

That means the current mortgage prime rate of 3.45% will soon by 3.70% for most of the lenders.

For those of us who have variable rate mortgages, we should expect to receive a letter in early August from lenders to notify us of such changes. 

If you are wondering whether to lock in your variable rate or not, please reach to us for a consultation.