The Bank of Canada hiked its key interest rate Wednesday by a quarter percentage point, bringing the rate to 4.75 per cent.
What does this mean if I have a variable rate mortgage?
With today’s 25-basis point rate increase, the homeowner’s variable mortgage rate will increase to 5.80 per cent and their monthly payment will increase to $4,173. This means that the homeowner will pay $98 more per month or $1,176 per year on their mortgage payments, Laird said in a press release.Article content
For those concerned about mortgage payments, she urges people to review them with a mortgage specialist or financial adviser who can help determine whether to switch to another kind of mortgage.
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