After seven years of leaving its key interest steady, the Bank of Canada has finally increased its overnight rate by 0.25 percentage points to 0.75 per cent.
The increase means consumers will likely pay more for borrowing such as variable-rate mortgages and lines of credit, and if you’re not currently locked in for a mortgage pre-approval, this increase will also affect your borrowing power and approval amount.
Further increases are projected, with the next announcement date set for September 6, 2017.
We are here to help! If you have questions about how this news will affect you, our team has the answers to help you make the right decision for your future.
Tamara, Paula, Ashley & Tara
FITENI BALTIC Real Estate Group – REMAX