Bank of Canada Announcement | June 1
The Bank of Canada met on June 1, 2022 and as anticipated, announced an increase of 50 basis points to Bank Prime.
Bank of Canada Announcement
As anticipated, the Bank of Canada met today and announced a half-point increase. As a result, Bank Prime will change to 3.70%
The Bank of Canada has indicated where they would like to see Bank Prime - they refer to this as a "Neutral Range".
Based on recent announcements, ideally, the BOC would like to eventually see Bank Prime to sit anywhere between 4.20% - 5.20%.
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 July 13, 2022.