If you need assistance, please call 778-234-2000

Canada's Big 5 Banks Raise Interest Rates

Friday, September 8, 2017   /   by Sonny Bhinder

Canada's Big 5 Banks Raise Interest Rates

Following the Bank of Canada (BoC)s hike to the key lending rate to 1%, Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank and TD Bank all announced the rise of prime lending rate to 3.2 % from 2.95 % an increase of 0.25 % points as the BoC. 

What does this mean? It means those who currently have a variable-rate loan or mortgage will feel the impact immediately, with more of their payments going to cover interest." Anyone who currently has a variable rate mortgage should consider if now is a good time to lock into a fixed rate mortgage  "says James Laird, co founder of Ratehub.ca in a statement. " And anyone currently shopping for a home should get a pre-approval, which guarantees today's fixed rates for 120 days." In the long run, those looking to get a fixed rate loan or mortgage will ultimately face higher interest rates at the banks.

The expectation is that the Bank of Canada will continue to increase interest rates as Canada's economy heats up, and lenders will continue to pass on the full cost of those hikes to consumers. 
Your Home Sold Guaranteed Realty Ltd.
#216 - 12565 88 Ave
Surrey, BC V3W 3J7

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.

The data relating to real estate on this website comes in part from the mls reciprocity program of the Real Estate Board of Greater Vancouver. Real estate listings held by participating real estate firms are marked with the mls reciprocity logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver.

This site powered by CINC: www.cincpro.com