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No change in the prime lending rate

Yesterday the Bank of Canada announced that there will be no change in the prime lending rate. The next meeting scheduled for the Bank of Canada will be July 19th and most predict there will be no change until at least September. This is great news for people on a variable rate mortgage product. If that includes you, this is a great time to bump up your payments and pay off some more principal on your mortgage. These are still historically low rates and if this is a possibility for you it’s a great way to get that mortgage paid off earlier.

Of course if you have any questions feel free to email or call and I would be glad to help!

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