News

PRIME INTEREST RATE

As expected, the Bank of Canada announced yesterday that it is not changing the benchmark rate. 

This is great news if you’ve got a variable-rate mortgage; the prime rate stays at 3% and it’s unlikely we’ll see any increases in the near future.

 Eight times a year, the Bank of Canada sets the rate that governs each lender’s prime rate. Variable-rate mortgages and lines of credit move in conjunction with the prime lending rate. Fixed rates on the other hand are based on the bond market.

The next rate-setting day is April 16, 2014.