The Bank of Canada raised its key interest rate by a quarter point today,
and most lending institutions are expected to respond by increasing their
prime lending rates by a quarter point. This marks the first rate increase
by the Bank since 2007.
In its statement the Bank noted that “the economy grew by a robust 6.1 per
cent in the first quarter, led by housing and consumer spending. Employment
growth has resumed. Going forward, household spending is expected to
decelerate to a pace more consistent with income growth. The anticipated
pickup in business investment will be important for a more balanced
recovery.”
Today’s announcement means an increase in the rate for a variable-rate
mortgage. However, lenders do vary in when exactly they adjust their rates
for variable-rate mortgages. Call Romana Bozic a mortgage broker
professional for more information on how a particular lender may implement a
rate increase.
Fixed-rate mortgages are not affected directly by today’s announcement as
their rates are influenced more by movements in the bond market.

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I proudly server buyers and sellers in the Toronto Neighbourhoods of: Forest Hill, Bedford Park, Cedarvale, North York, North Toronto, Summit Heights, Wilson Height, Bathurst Manor, Leaside, Bayview, Thornhill, Richmond Hill and all surrounding areas.

Whether you’re buying or selling and looking for a Toronto Realtor or feel free to e-mail or phone us and we will be happy to guide you through your real estate experience.


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Diane Plant, Broker
Re/Max Realtron Realty Inc, Brokerage
(416) 782-8882

TORONTO REAL ESTATE WEBSITE





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