To the likely dismay of variable mortgage holders everywhere, Canada’s major banks have officially raised their prime rates following Wednesday’s Bank of Canada hike.
The increases took effect on Thursday, making borrowing costs more expensive for borrowers with variable mortgages, mortgages up for renewal, and new mortgages, unless the borrower had a rate hold in place with their financial institution. that 50% of all variable-rate mortgages with fixed payments had already reached their trigger rate, and that with another 50-basis-point increase, that number would jump to 65%., RBC Economics said that the Bank of Canada’s most recent rate hike could very well be its last.
A pause in hikes would be a relief for home owners, especially those in Canada’s priciest real estate markets where rate hikes have had the most profound effects. But what the Bank of Canada’s decision will come down to, the RBC report says, is how Canada fares financially over the next seven weeks.
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