The August inflation data have been released, and it has some good news for anyone with a variable rate mortgage or debt on a Line of Credit; for the second month in a row, the rate of inflation has decreased. August’s inflation rate fell to 7% on an annualized basis, down from 7.6% in July and from the peak of… Read More »
Bank of Canada Raises benchmark rate by 0.75%
In today’s interest rate announcement the Bank of Canada (BoC) raised it’s key benchmark rate by 0.75%, which will cause all the consumer lenders to raise their prime rates by the same amount. With most lenders, that means their prime rate will increase from 4.7% to 5.45%. The prime rate increase will directly affect all borrowers with variable or adjustable… Read More »
Prime Rate Expected to Increase Next Week
The next BOC meeting is next Wednesday, Sept 7th, 2022. We anticipate that they will increase the Prime lending rate by something between 0.50% to 1.00%. In terms of mortgages, this increase only impacts variable/adjustable-rate mortgage holders since the banks and mortgage lenders typically increase their consumer Prime rates in step with the central bank’s Prime rate. If you have a… Read More »