Bank of Canada interest rate Announcements

The Bank of Canada reviews the overnight lending rate and reports any changes 8 times per year. The overnight lending rate impacts the variable mortgage rates as the lenders set their prime rate based off the Bank of Canada’s overnight lending rate. When the bank of Canada changes the overnight rate, we will see the banks change their prime rate; thus, changing variable mortgage effective rates and Home Equity Lines of Credit (HELOC) rates.

We will keep everyone posted of any changes as they occur on the dates set out here. If you have any questions about the variable mortgage rates, please contact us!