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Today's Best Rates

*****Rates Last Changed - July 31 2017*****

Today's Prime Lending Rate 2.95% Next Meeting - September 6 2017

Variable Rates: *
Home Equity Line of Credit P + .50% No Change
3 Year Closed P - .50% No Change
5 Year Closed - CMHC insured purchases only P - .75% No Change

Fixed Rates: **
1 Year Closed 2.54% No Change
2 Year Closed 2.45% No Change
3 Year Closed 2.54% No Change
4 Year Closed 2.69% No Change
5 Year Closed - Conventional & Re-finance 2.99% .10% Increase
5 Year Closed - High Ratio Insured Mortgages Only - Purchases 2.99% .10% Increase
7 Year Closed 3.44% No Change
10 Year Closed 3.84% No Change
     
Bank of Canada Qualifying Rate - see below 4.84% .20% Increase
*Interest rate is compounded monthly, not in advance. Variable rate mortgages offers you a low variable interest rate based on the prime rate over a 5-year fixed term. The prime lending rate represents a variable rate of interest announced by the lender from time to time as its Prime Lending Rate. Rates subject to change without notice.
**The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees, such as legals costs and/or appraisal costs, which would increase your APR. Rates subject to change without notice.

Bank of Canada July 12 2017 Meeting News
The Bank of Canada increased its overnight borrowing rate at its July 12 2017 interest rate meeting.  Next meeting September 6 2017.  Though there is a willingness for a further increase, I would expect the Bank of Canada will prudently wait to see what effects this increase has on our economy.

The Bank of Canada Qualifying Rate is used only to qualify high-ratio insured mortgages.
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