The Bank of Canada today increased its target for the overnight rate to 0.5% from 0.25%.
This means for those of you with Variable rate Mortgages, rates would increase by 0.25%
This translates to an approximate monthly increase of $13 per $100,000 Mortgage balance.
So if you have a Mortgage balance of $500,000, this would mean an increase of around $65 per month.
Also note that you if you have a Variable rate with static payments, your payments will remain the same, however the interest portion of that payment would increase.
Next announcement is on Wednesday Apr 13, 2022
Please feel free to reach out for further information pertaining to you specific situation.
647 901-7948
info@modomortgages.ca
