So Bank of Canada raises key interest rate!!!

Dated: April 14 2022

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So finally, after 20 years, the bank of Canada has raised the key interest rate, and apparently, there are more to come within this year. The last time the central bank raised its key interest rate by half a percentage point was back in May of 2000.  

So most people getting a new mortgage have opted for the Variable because of the lower rates they were able to get as compared to the locked in rates. With the new increase of the half percent here are some numbers to consider, for every $100,000.00 of mortgage that you have borrowed the increase in your payment will be approximately $27.00 per 100K.  

I like to keep these short and sweet and I will end off with, if this increase is a serious concern to you I would highly recommend  you speak with your mortgage broker and consider locking your mortgage up! The next time the Bank of Canada is meeting is scheduled to take place sometime in June 1, 2022. Till then, then market changes will continue and we shall see the shift in prices. 
 
-Shawn B

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Shawn Bhatt

Hi, and thank you for stopping by! I have been serving the community for over ten years now, and it has been an absolute pleasure in doing so! I am dedicated to bringing you the best homes for sale an....

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