Major banks have decided to raise their prime rates to compensate for the rise in the cost of borrowing money. The top 5 banks, Scotiabank, CIBC, BMO, RBC, and TD have all raised their prime rates to 2.7% from its past 2.45%.
The Bank of Canada (BOC) has raised the overnight rate for the first time since October 2018.
The Bank of Canada today increased its target for the overnight rate to 0.5% from its previous 0.25% where it has been since March 2020. This change will roughly equate to an increase of $12 per every $100,000 borrowed, depending on the Lender. The Bank is continuing its reinvestment phase, keeping … Read More
How Interest Rates Have Been Transformed Since the Last Mortgage Rule Changes
Just eight months ago it was easy to quote a mortgage rate on any given day and be confident that’s the rate our client would pay. But that all changed when the federal government’s latest mortgage rules came into effect in October 2016. Previously, multiple lenders would advertise their rates … Read More
BC HOME Partnership Program
On January 16th 2017 the BC provincial government rolled out its latest Housing Action initiative called BC HOME Partnership Program. This partnership is provided strictly for First Time Home Buyers ,it will assist them by providing a loan for a portion of the required down payment when buying their first … Read More
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