Toronto Real Estate Market Update
Bank of Canada Press Release. The Bank of Canada has just issued a press release that they have increased the Prime Rate to 3%. This is relevant if you have a variable rate mortage.
The Prime Rate has been sitting at 2.75% for quite some time. This simply means that if you have a variable rate mortgage the portion of your payments that goes to interest will increase slightly and the portion to prinicple will reduce. Any questions or need to discuss your mortgage? Give me a Call. 647-886-1550.
