18 January 2018

On Thursday, all five banks offered the same prime rate of 3.45%, while it was 3.2% before the BoC’s decision.

Canadians with variable rate mortgages will feel the impact of this increase almost right away. They will face extra $12 on their monthly payments for each $100,000 of a mortgage, starting the next month already.

Meanwhile, nothing will change for those with fixed rate mortgages until the end of their contract term.

With the most popular Prime rate +0.50% on Home equity line of credit – HELOC, this increase will add $21 a month to each $100,000 of the loan.