BANK OF CANADA RATE ANNOUNCEMENT: As expected the Bank of Canada has raised its benchmark interest rate .25% from 1.25 to 1.50. If you are wondering how this affects your mortgage, message us.

Banks are following suit by raising prime rates by .25%, prime is now 3.70%.  This equals a payment increase of approximately $13 for every $100,000 in mortgage amount.

Message us or call the office at 604-552-6190 if you have any questions at all! That’s what we’re here for!

This great article talks more about the rate announcement.