Today, the Bank of Canada announced an increase in the prime rate from 1.25 per cent to 1.5 per cent. The rate hike was the central bank’s first interest rate move in the past 6 months and the fourth rate increase over the last 12 months. Please watch the video below to learn how the latest rate hike can impact your mortgage. While is subject to change, the prime rate still remains at historical lows. When considering fixed-rate mortgages or variable-rate mortgages, it is very important to know your options and understand the math behind your own financial scenario. If you have any questions regarding the rate hike, feel free to call us at 416.480.0234 or send an email to info@monstermortgage.ca.
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