New Prime Rate in Canada

My friend, Daryl Marsden from Verico Maximum Mortgages, sent me interesting information that I would like to share with you.

Today, the most important economic information in Canada is the Bank of Canada (BOC) raises the prime rate of 3.20%. This is the second increase in the last 4 months. According to BOC Canada is experiencing a period of prosperity. Employment is up, at least in Ontario. Manufacturing is increasing and the oil crisis seems to be settling down. Daryl said that I don’t see the same signs in Alberta, but the BOC thinks everyone is doing good and should continue to do so.

Therefore, Daryl recommends to keep aggressively mortgage payments bi-weekly or weekly and make one or two extra pre-payments each year. Variable rate mortgages tend to be less that 5 years fixed rates. This has been the trend over the last 15 years and it’s not going to change in a short future.

In addition, please see the current interest rates, and if you still have any question I highly recommend you to contact Daryl Marsden at 403-605-5711 ot

1 Year Rate – 2.79% to 3.69% depending on type of mortgage
2 Year Rate – 2.79% to 3.39% depending on type of mortgage
3 Year Rate – 2.84% to 3.24% depending on type of mortgage
4 Year Rate – 2.84% to 3.34% depending on type of mortgage
5 Year Rate – 2.99% to 3.34% depending on type of mortgage
7 Year Rate – 3.44%
10 Year rate – 3.84%

Variable Rate – Variable rates Prime minus .75% to .35% depending on the mortgage. Prime is now 3.20%

*Depending on the type of mortgage refers to a mortgage which is conventional and can not be bulk insured. If you are refinancing or renewing a conventional mortgage or if you need an amortization period over 25 years. This also applies to any revenue property purchases.

Please note these rates are subject to change without notice. The statement depending on the type of mortgage refers to the mortgage being insured or uninsured. Insured mortgage now gets the best rate offers. Please call or email us if you want current conversion rates.