At 10:00 am EST, Wednesday December 2nd, 2015 Bank of Canada (BoC) will release its scheduled interest rate announcement and monetary policy report. This announcement will affect variable-rate mortgages (VRM), lines of credit and/or student loans which are all based on the Prime Rate.
If you’re a current home owner with a VRM then next week’s announcement from Bank of Canada will be important to you. VRM’s are essentially determined by your lender’s Prime Rate and your lender’s Prime Rate is influenced by the BoC’s key interest rate—the very same rate that will affect your monthly mortgage repayment and purchasing power.
Stay tuned on the morning of December 2nd to see how this announcement will affect your monthly mortgage repayments. Alternatively, receive BoC’s rate announcement directly to your email by subscribing to our Newsletter today so that you’ll be the first to be informed of any updates.
