BANK OF CANADA INCREASED THEIR RATE
The Bank of Canada announced this morning that they will increase their rate from .5% to .75%.
The basics: What does this mean for you. For all my clients who are in a variable rate mortgage your payment will increase $10-20/$100,000 of mortgage you have. We are more than happy to calculate your new payment, although if you are in a mortgage with balance around $400,000 – you can expect to see about a $40/m increase. The math on this will vary depending on the rate you received at the time of your initial mortgage but this is a very good baseline to work from.
Since the announcement this morning there have been a few more things I noticed. Oil went up in price, the dollar also had growth. While a lot of people may initially get scared or not know what to think, this is the first time in 7 years the Bank of Canada has made this kind of announcement. This means there is a lot of strength in our economy and we are growing as a country and we are going in the right direction overall.
For anyone in a fixed rate mortgage you may think, well this doesn’t affect me. YOU ARE CORRECT, but the Bank of Canada rate does not just apply to mortgages. If you have a student loan, a secured line of credit or any other loan that is based on the rate determined by the Bank of Canada then yes you will see some increases.
I’m more than happy to help anyone who wants more information, please note this is a very small increase and should we expect more in the future we should talk at that point.
Please enjoy your summer, enjoy the heat and know that yes this is a new concept for us right now but overall our countries economy is picking up and this is good news all around.
For more info, please check out this link.
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