The Bank of Canada (BoC) is next meeting on Jul 13, 2022 and at the moment it looks likely that it will raise the Prime interest rate by another 0.5% to 0.75%.  A 0.75% Prime rate increase will mean that people with variable rate mortgages will see their payments increase by $40/month for every $100,000 of mortgage debt (so a… Read More »

On June 1st the Bank of Canada (BoC) increased the Prime Rate 1% to 1.5%, an increase of 0.50% that was widely anticipated by the markets.  For consumer banks and mortgage lenders, this means they will be raising their consumer Prime rates from 3.2% up to 3.7% on all variable and adjustable rate mortgages as well as Lines of Credit.… Read More »