Aaron Bloski - Mortgage Associate

Today announcement to rise the overnight rate by 50 basis points marks the third increase for the year. Reach out to see how this effects you and your mortgage today!

In response to the Bank of Canada raising the overnight rate 0.25%, the prime lending rate which dictates all variable rate mortgages moved up to 2.70%. Scary isn't it? For those of you in a variable rate mortgage, this will affect your payment by approximately $12/$100,000 on a monthly payment. If you have any questions or would like any further clarification on your specific scenario, please feel free to reach out!