In an announcement earlier today, the Bank of Canada left their overnight target rate unchanged. What does this mean? The prime lending rate will stay as is, at 3.00%. For anyone with a variable rate mortgage this is welcome news as the last three rate announcements have all included rate increases. If you were to take out a variable rate mortgage today on a five year term you'd receive a discount of .70% off the prime rate. This works out to a rate of 2.30%. Not too shabby if you ask me!
If you have any questions about variable rate mortgage options please don't hesitate to contact me!
For more information on today's rate announcement, please visit the Bank of Canada's website.