CBC ~ June 1st, 2022
The BoC raised its benchmark interest rate to 1.5%. This means that those with a variable rate mortgage or a line of credit will see an increase by .50%, resulting in a a change in payment depending on the specific product.
Most variable rate mortgages are still low with a reasonable discount bringing their rate below prime making the rate much lower than a fixed rate mortgage.
With fluctuating rates, having a solid financial plan that takes into account your mortgage is of upmost importance. Rates are expected to continue to rise.
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