On Wednesday October 24th the Bank of Canada increased it’s benchmark interest rate to 1.75%. This will affect those who have variable mortgages as most lenders have increased their prime rate by 0.25%. This is the 5th time since the summer of 2017 that the bank has increased the benchmark rate. That’s the most increases we’ve seen since December 2008, almost a decade.
If you have any questions contact The Mortgage Centre KW today!