Last week the Bank of Canada announced that they would leave rates unchanged. This is great news for Variable Rate Mortgage holders as everything will remain the same as the Bank feels that they have have made the impact they wanted to so far with increased rates and the stress test. This has brought the market back in line and with the recent announcement about Canada’s oil production and overall growth not meeting expectations, the Bank has decided to leave things unchanged at this point.
Today’s Prime rate is at 3.95% and your Variable Rate Mortgage or Line of Credit will be based on that. At this time, there will be no change. With the Variable Rate Mortgages still being lower than the Fixed Rates, it is still the more popular product at this time for new and existing home owners. If you would like us to assess your current situation, feel free to reach out for a no cost Mortgage Review.
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