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Why you should not panic about the latest rate increase…

This should come as no surprise since the media has been all over this story lately. Yes- the Bankof Canada increased their prime lending rate by 0.25%! It is important to keep some perspective on this recent announcement. A 0.25% increase is no big deal. Also, it ONLY AFFECTS VARIABLE RATE MORTGAGES and HOME EQUITY LINES OF CREDIT. If you don’t have either then carry on! Fixed rate mortgages are priced on the bond market, not the Bank of Canada Prime Lending Rate. Fixed rate mortgages move by a quarter of a percent a few times a year normally and you don’t really hear anything about it in the news so I am not sure why this particular rate announcement has put the media in a frenzy. Yes- it is the first increase in 7 years but it’s a sign that things are better, not worse. If you have a variable rate mortgage currently your rate is most likely still lower than any fixed rate offering out there.
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