SPECIAL FEATURE - September 7, 2022 - Bank of Canada Update

The Mortgage Life

Helloooo Bank of Canada! Join us for another special feature highlighting the Bank of Canada rate changes. This morning, the Bank of Canada raised its overnight interest rate, this time by 75 basis points, or ¾ of a percent. This will eventually trickle down to your lender’s prime rate. At some point in the next month your lender will most likely increase their prime rate by the same amount, resulting in an increase in your mortgage rate. The Bank of Canada has said it will continue to increase interest rates in the coming months in order to bring inflation back to normal levels. This may feel overwhelming. Please reach out to your mortgage broker to have a conversation about your options moving forward!