The Bank of Canada has raised it’s key lending rate .25% as we had projected it would in our previous email. This is the 3rd increase it has moved its benchmark rate from the once record lows last summer. Bank prime will follow to 3.45% (TD has a higher prime presently) The impact for borrowers is approx $13 per 100k in mortgage amount. If you have a mortgage rate of prme minus.50 this means your new rate will likely be 2.95%.
Here is the full release from this morning, and an articles to note.
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