1 Jun

Bank of Canada Announcement: Prime Rate increase…

General

Posted by: Cory Kline

Well it finally happened, the Bank of Canada raised it’s rate by 1/4% this morning. This is the start of an upward trend with them.

Their last paragraph in the announcement speaks as to the uncertainty in the markets. They are acknowledging that they will be cautious on more rate increases until they see more indicators from around the world. ” Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments.”
 
Prime Rate is now set at 2.50%
 
If your current variable rate is at prime +.4 or higher, we should explore breaking the contract and getting a new
rate at Prime less .6%.
Call Cory Kline, trusted mortgage advisor, for more details. 705-720-1001 ext 226 or cory@ndlc.ca