The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent.
Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity,” the Bank of Canada said in a statement.
What this means as far as cost for you is a quarter-point interest rate movement represents $13 per month, per $100,000 mortgage, for the average [variable-rate] mortgage holder. So that’s $52 bucks a month extra on the average $400,000 mortgage balance.
Navigating whether to lock in or not your variable rate or what are the best options for a new mortgage can be tricky that’s why you should consult a Whistler mortgage broker that can help you find the best option.
