Valueland's blog

Bank of Canada Increases Interest Rate

Earlier this morning, BOC has announced interest rate increase by 0.25%.

That means today's prime rate of 3.20% will soon be 3.45% for most banks and financial institutions (TD's prime is 3.35%, will soon be 3.60%). 

New Mortgage Rules Means Less Borrowing Power

Previously when a client asks us how much he/she can borrow, the answer has always been 4 to 6 times of your income, provided no other major debts.