Today, the Bank of Canada announced that it is NOT changing interest rates. The overnight rate  remains at 2.25% The prime rate  stays at 4.45% What does this mean for you? This decision affects variable and adjustable rate mortgages, as well as lines of credit. It does not affect fixed-rate mortgages   at this time. How this impacts different products Home Equity Line of Credit (HELOC): HELOCs are typically priced at Prime + 0.50% , keeping the current rate at 4.95% . Variable / Adjustable...

Bank of Canada chose not  to change rates today. The overnight rate remains at 2.25% with the Prime Rate sitting at 4.45%. Now remember, this directly impacts those with a Variable/Adjustable Rate Mortgage. This does not directly impact Fixed Rates. For Example: If you have a Home Equity Line of Credit, the rate is typically Prime + .50%. Keeping your rate at 4.95%. Where if you have a Variable/Adjustable Rate Mortgage, it typically ranges from Prime - .50% to -1.10% keeping the current rates...

Bank of Canada reduced the overnight rate by 0.25%, bringing it from 2.50% to 2.25%. Which for most lenders will bring the Prime rate from 4.70% to 4.45% Now remember, this directly impacts those with a Variable/Adjustable Rate Mortgage. This does not directly impact Fixed Rates. For Example: If you have a Home Equity Line of Credit, the rate is typically Prime + .50%. Keeping your rate at 4.95%. Where if you have a Variable/Adjustable Rate Mortgage, it typically ranges from Prime - .50% to...