Today the Bank of Canada (BoC) raised its key lending rate by 0.25%. This in turn means most banks and consumer lenders will raise their prime rates by the same amount tomorrow. With most lenders, that means their consumer prime rate will increase from 6.45% to 6.70%. This increase directly affects all borrowers with variable or adjustable rate mortgages and… Read More »

Today the Bank of Canada (BoC) raised its key lending rate by 0.5%, meaning most banks and consumer lenders will raise their prime rates by the same amount tomorrow. With most lenders, that means consumer prime rates will increase from 5.95% to 6.45%. The prime rate increase will directly affect all borrowers with variable or adjustable rate mortgages and lines… Read More »

This week the Bank of Canada (BoC) raised their key lending rate by 0.5%, meaning most banks and consumer lenders will raise their prime rates by the same amount. With most lenders, that means prime rates will increase from 5.45% to 5.95%. The prime rate increase will directly affect all borrowers with variable or adjustable rate mortgages and lines of… Read More »

Reader’s Choice Awards Comox Valley Reader’s Choice Awards voting is open until October 5th.Vote now for your chance to win a Kingfisher Resort staycation package! If you are so inclined, Mackenzie Gartside is nominated in following categories and we’d be honoured by your support:People and Places: Pet Friendly BusinessShops & Services: Community Minded Business and Customer ServiceProfessionals (Individual): Mortgage Professional https://northisland.secondstreetapp.com/Readers-Choice-2022 Are you crazy for… Read More »

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 »

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 »

If you have a variable rate mortgage, you’ll be very aware of the Bank of Canada (BoC) Prime Rate increases that have happened in quick succession over the last 4 months. The BoC is fighting a battle against inflation driving up prices and wages across the country.  Rocketing inflation was initially started by pandemic supply chain issues causing shortages of… Read More »