Tomorrow the BOC will make an interest rate announcement.

Tomorrow the Bank of Canada will make an interest rate announcement. If you have a fixed-rate mortgage that is renewing soon, the new interest rates could be an increase in your monthly payments, especially if your amortization period is short with a large balance remaining on your mortgage.

If you have a variable-rate mortgage and the prime rate goes up, you will likely see an increase in your payments to that they align with the new prime rates.

If you have any questions or need more information, reach out to your Mortgage Alliance Professional. 


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