The Bank of Canada met on April 13, 2022 and announced an increase of 50 basis points to Bank Prime. 

Bank of Canada Announcement 

Today we saw the Bank of Canada do a half-point increase. This means, if you're locked into a fixed rate mortgage, your rate will not change despite todays announcement. If you are a variable rate client, your interest rate (and payment) will increase marginally. 

How much will my payment increase on a variable-rate mortgage? 

Based on the half-point increase we saw today, your payment will increase by approximately $26.00 for every $100,000 in mortgaging. 

What are my options? 

 In light of today's announcement, clients typically have two options. 

1. Ride out the variable and set your payments higher (just call into your lender to make the adjustment). 

2. Lock into a fixed rate 

Whether you're looking into securing a mortgage pre-approval for an upcoming purchase or weighing out your options on your existing mortgage (staying variable or going fixed),  it's always best to schedule a call with us to discuss. Don't hesitate to reach out. 

The next Bank of Canada Announcement is scheduled for June 1, 2022