Bank of Canada increases Prime rate by 1% --- what does this really mean to the home buyer?
Friday Jul 15th, 2022
ShareBank of Canada prime rate increases by 1% On this past July 13th, the bank of Canada announced an increase of the prime rate to a full 1%, which means that the new target is 4.7%. Now the question is, how does this translate to the average consumer and especially to the Real Estate Market?. Let's compare how much would you be monthly paying for a hypothetical amount of $100,000 mortgage, amortized for a 25-year, not compounded . Borrowing... [read more]