The Bank of Canada has increased its overnight rate by 0.25 percentage points to 2.50%. Most major

lenders are expected to increase their prime lending rate to 4.70%.

We understand this isn’t welcome news for households already managing higher costs. The important thing to know is that not every mortgage is affected the same way.

Here’s what it means for you:

• Fixed-rate mortgage: No immediate change to your existing rate or payment.
• Adjustable-rate mortgage (ARM): Payments will increase approximately $13-$15/month per $100,000 of mortgage balance, depending on your rate and amortization.
• Variable-rate mortgage (VRM) with fixed payments: Your payment generally stays the same, but more goes toward interest and less toward paying down your mortgage.
• Buying or renewing? Higher qualifying rates may affect purchasing power, and renewal is an opportunity to review your mortgage and financial strategy.

Read the Bank of Canada’s full announcement.

We’re here to help you prepare, not just react.

Every household is different. Whether you’re concerned about your payments, approaching renewal or deciding between paying down debt and investing, our mortgage and financial services team is here to help you understand your options.

We’re happy to help.

Warmly,
Angela Calla & Team
The Angela Calla Mortgage Team
angela@countoncalla.ca
www.angelacalla.ca